Hard red winter wheat futures at the Kansas City Board of Trade ended more than 2 percent lower on Friday on pre-weekend profit-taking after a volatile week of wild price swings. The KCBT July contract ended down 15 cents, or 2.2 percent, at $6.75 per bushel, settling at the session low.
The range for the week for the benchmark contract was $6.68-1/4 to $7.27-1/4 amid active fund participation. Traders said rolling of positions from July to September added to volatility. Chicago Board of Trade soybean and corn futures also settled lower Friday as a firmer dollar added pressure to prices.
Analytical firm Informa Economics forecast 2009 US winter wheat production at 1.513 billion bushels, compared with USDA's current forecast of 1.502 billion bushels, trade sources said on Friday. The forecast reflects Informa's hard red winter wheat estimate for 881 million bushels.