Chicago Board of Trade (CBOT) wheat futures fell on Friday and posted the steepest weekly decline for the most-active contract since late August as technical selling and competitive global supplies pressured prices. CBOT May soft red winter wheat ended down 2-1/4 cents to $4.57-1/4 a bushel. It earlier sank to $4.47-1/4 a bushel, a fresh contract low. The most-active contract lost 7 percent for the week, the largest drop since late August.
K.C. May hard red winter wheat rose 1/4 cent to end at $4.44-3/4 a bushel, while MGEX May spring wheat lost 1 cent at $5.58-1/4 a bushel. Stiff global competition has weighed on wheat futures recently. All Chicago and K.C. wheat futures contracts posted contract lows on Friday.
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