Wheat futures on the Chicago Board of Trade fell more than 4 percent on Friday, with the spot contract tumbling below $4 a bushel to its lowest in a decade on plentiful global supplies and a lack of supportive news, traders said.
CBOT September wheat settled down 17-3/4 cents at $3.83-1/2 per bushel after hitting $3.81, a contract low and the cheapest price on a continuous chart since September 2006.
Chart-based technical selling accelerated as CBOT September dropped below its August 2 low of $3.99-1/4 a bushel.
K.C. hard red winter wheat and most MGEX spring wheat contracts fell to life-of-contract lows, but the front months for both markets held above long-term lows set in July.
The International Grains Council on Thursday raised its estimate of world 2016/17 wheat production to 743 million tonnes and said 2016/17 global production of combined wheat and coarse grains for should reach an all-time high.
An upturn in the US dollar lent pressure, making US wheat less competitive on the world market.
Egypt's General Authority for Supply Commodities (GASC) said it bought 180,000 tonnes of Russian wheat in a tender. No US wheat was offered.