CBOT wheat notches contract lows as traders short sell
May 9 (Reuters) - Chicago Board of Trade wheat futures sank to lifetime lows on Friday as good weather in the U.S. Plains and lackluster export demand prompted traders and commodity funds to add to already-large short positions.
Chinese buyers bought between 400,000 and 500,000 metric tons of wheat from Australia and Canada in recent weeks, traders said, as heat threatens to damage crops in China’s agricultural heartland.
Improving U.S. winter wheat crop conditions and forecasted rain in the Black Sea export region have weighed heavily on wheat prices.
Traders were also positioning ahead of the USDA's world crop report on Monday that will include its first supply and demand balance sheets for 2025–26.
CBOT July soft red winter wheat WN25 fell 7-1/2 cents to $5.21-3/4 per bushel.
K.C. July hard red winter wheat KWN25 ended 7-1/4 cents lower at $5.17-1/2 per bushel.
Minneapolis July spring wheat MWEN25 ended 7-1/4 cents lower at $5.93-1/2 a bushel.
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