Wheat drops on low demand, Black Sea competition
CHICAGO, Sept 19 (Reuters) -Chicago wheat futures fell on Thursday as the U.S. Department of Agriculture released lackluster export sales data and Black Sea wheat presented competition.
CBOT December soft red winter wheat WZ24 futures settled down 10 cents to $5.65-1/2 per bushel.
K.C. December hard red winter wheat KWZ24 ended down 14 cents to $5.64-1/2 a bushel, and MGEX December spring wheat MWEZ24 fell 8-3/4 cents to finish at $6.07-3/4 a bushel.
The USDA reported export sales of U.S. 2024/25 wheat in the week ended Sept. 12 at 246,300 metric tons, below a range of trade expectations for 300,000 to 650,000 tons. EXP/WHE
Tunisia's state grains agency is thought to have purchased about 125,000 metric tons of soft wheat and 100,000 tons of durum wheat in an international tender on Thursday, European traders said.
The International Grains Council lowered its forecast for 2024/25 global wheat production by 1 million metric tons to 798 million tons.
Euronext wheat extended its fall on Thursday to a two-week low as competitive Black Sea exports continued to pressure prices while global weather concerns were tempered by rain forecast for dry U.S. and Brazilian crop belts.
Reporting by Renee Hickman; Editing by Mohammed Safi Shamsi
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