Chicago wheat futures decline as global supply pressures market

CHICAGO, July 25 (Reuters) - Chicago Board of Trade wheat futures fell on Friday, and also ended the week lower, as plentiful global supply from ongoing Northern Hemisphere harvests outweighed strong U.S. exports, market analysts said.

• CBOT September soft red winter wheat WU25 closed down 3-1/4 cents at $5.38-1/4 per bushel. The most active contract Wv1 ended the week down 1.46%.

• K.C. September hard red winter wheat KWU25 ended 2 cents lower at $5.26-1/2 a bushel.

• Minneapolis September spring wheat MWEU25, which set yet another fresh contract low during the session, settled down 3/4-cent at $5.84-3/4 a bushel.

• U.S. wheat exports, which have been considered among the cheapest on the global market, have been brisk. Net U.S. wheat export sales for the week ended July 17 came in at 712,000 metric tons, at the high end of a range of trade estimates.

• Scouts on an annual North Dakota crop tour projected hard red spring wheat yields in the top-producing state will average 49.0 bushels per acre, down from a record 54.5 bpa last year.

• Traders said they were trying to position ahead of the Trump administration's August 1 tariff deadline, but were hesitant to make big shifts in their trading models as U.S. talks are progressing with several top export markets.

• The European Union and the United States could reach a framework deal on trade this weekend, ending months of uncertainty for European industry, EU officials and diplomats said.

• The European Commission has prepared two sets of possible counter-tariffs if a trade deal is not reached by Washington's deadline, which would be combined into one and submitted for approval to EU members. Wheat is on this list, as a countermeasure to steel and aluminum tariffs.

• Farm office FranceAgriMer said French farmers had harvested 86% of the crop amid hot and dry weather, compared with 71% a week earlier and 59% on the five-year average.