CBOT wheat closes lower on global supplies, trade tariff worries

CHICAGO, March 12 (Reuters) - Chicago Board of Trade soft red winter wheat futures extended losses on Wednesday after a government crop report showed bigger global wheat supplies than expected, while the latest U.S. tariffs and European counter-measures fueled concerns about trade disruption, traders said.

• CBOT May soft red winter wheat WK25 settled down 2-3/4 cents at $5.54 a bushel.

• K.C. May hard red winter wheat KWK25 ended up 1 cent at $5.73 a bushel, while Minneapolis May spring wheat MWEK25 settled down 2-3/4 cents at $5.94-1/2 a bushel.

• President Donald Trump's increased tariffs on all U.S. steel and aluminum imports took effect on Wednesday, drawing swift retaliation from Canada and Europe.

• The European Union announced counter-tariffs on up to 26 billion euros ($28 billion) worth of U.S. goods from next month.

• Canada, the biggest foreign supplier of steel and aluminum to the United States, announced 25% retaliatory tariffs worth C$29.8 billion in total.

• Algeria’s state grains agency OAIC bought at least 450,000 metric tons of milling wheat in an international tender on Wednesday - with the sourcing initially expected to come from the Black Sea region and not the U.S., European traders said in initial assessments.

• Traders said it was unclear if a Russian missile strike that damaged a vessel loading wheat for Algeria at Ukraine's Odesa port affected the outcome of the new tender.