Chicago Board of Trade (CBOT) wheat futures stumbled for the third consecutive session on Thursday as traders adjusted positions ahead of the release of US stocks and production data due out on Friday, analysts said. CBOT December soft red winter wheat settled down 4-1/2 cents at $5.13 per bushel. K.C. December hard red winter wheat ended 3-3/4 cents lower at $5.17-1/4 a bushel.
Traders were adjusting positions before the USDA issues reports on 2018/19 US wheat production and supplies. The agency is expected to report US wheat stocks as of Sept. 1 were 2.343 billion bushels, up from 2.266 bushels a year earlier. Weekly US wheat sales reached a six-week high of 657,100 tonnes, the USDA said in a separate report on Thursday, topping analysts' expectations.
Traders said they were uncertain that demand can remain consistently strong. The US faces stiff competition for global export sales from rival suppliers such as Russia. The International Grains Council increased its forecast for world wheat production in 2018/19 by 1 million tonnes to 717 million tonnes, with an upward revision for Russia largely offset by a lower projection for Australia.
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