US wheat futures closed down sharply on Friday, falling to new contract lows amid ongoing pressure from plentiful global wheat supplies and on spillover pressure from falling soy and corn. CBOT December wheat down 11-1/2 cents at $4.41-1/4 a bushel. Funds sold 3,000 lots. NGFA says can wait until March 2010 for CBOT wheat change.
Poor harvest to spur more Brazil wheat imports. Russia ups 2009 grain crop forecast to 90 million tonnes. Kazakhstan harvests 21 million tonnes of grain, second biggest harvest in the last five years. Ukraine wheat exports rise 57 percent in September. Japan cuts price of imported wheat by an average 23 percent starting October 16.
MGE September wheat volume up 11 percent from year-ago. KCBT September wheat volume up 12 percent. USDA may revise spring wheat, durum data on November 10. Showers in the US Plains boosting germination and growth of 2010 US hard red winter wheat crop while drier and warmer weather favours developing wheat in Argentina after recent rains.
US wheat export outlook dull despite flurry of recent interest from several key importing nations, weak dollar. Egypt detains 63,000 tonnes French wheat. Canadian farmers expected to harvest 24.581 million tonnes of wheat, above trade estimate of 24.5 million tonnes but down 14.1 percent from last year - Statistics Canada.