CBOT nearby SRW wheat futures set contract lows on rain forecasts

CHICAGO, March 27 (Reuters) - Chicago Board of Trade's nearby soft-red winter wheat futures contracts slumped to new lows on Thursday, under pressure from forecasts of rain in the U.S. and Russian wheat belt and an apparent agreement to implement a ceasefire in the Black Sea, market analysts said.

• The U.S. Department of Agriculture reported a net 100,300 metric tons of U.S. wheat export sales for the 2024/25 marketing year, on the low end of analyst expectations.

• CBOT May soft red winter wheat WK25 settled down 3-1/4 cents at $5.32 a bushel after dropping to a contract low of $5.26-1/2 a bushel.

• K.C. May hard red winter wheat KWK25 ended up 1-1/4 cents at $5.66-1/4 per bushel and Minneapolis May spring wheat MWEK25 settled up 3-1/4 cents at $5.88-1/2 per bushel.

• Traders said grain markets were looking ahead to Monday's U.S. planting and stocks data from the U.S. Department of Agriculture, as well as seeking greater clarity on broad tariffs promised by U.S. President Donald Trump from Wednesday.

• Grain markets have also been pressured this week by forecast of rain in the U.S. and Russian wheat belts and an apparent agreement to implement a ceasefire in the Black Sea.

• But reaction to the U.S.-backed deal, involving warring parties Russia and Ukraine, has faded as traders saw little scope for boosting already functioning Black Sea trade while doubting that Russian conditions would be met.