CBOT wheat sets two-month low on technical selling, weak demand

CHICAGO, July 30 (Reuters) - Chicago Board of Trade wheat futures reached their lowest level in more than two months on Wednesday on technical selling and competition for global export sales, traders said.

• Grain consultancy Sovecon raised its Russian wheat export forecast for the 2025-26 season to 43.3 million metric tons from 38.3 million tons.

• The harvesting campaign in Russia, the world's biggest wheat exporter, is behind schedule but the official forecast for grain output remains unchanged, Agriculture Minister Oksana Lut was quoted as saying.

• Rain also slowed harvesting in Ukraine, hurting crop export rates, according to producers' union UAC.

• On Thursday, the U.S. Department of Agriculture is expected to report weekly U.S. wheat export sales of 300,000 to 700,000 metric tons for 2025-26, analysts said.

• Demand for U.S. wheat from Bangladesh helped support gains in K.C. wheat futures, a broker said.

• CBOT September soft red winter wheat WU25 ended down 6 cents at $5.23-3/4 per bushel after hitting $5.23-1/4, the contract's lowest since May 13.

• K.C. September hard red winter wheat KWU25 ended up 3-1/2 cents at $5.22 a bushel.

• Minneapolis September spring wheat MWEU25 slipped 1/4 cent to finish at $5.77-1/4 a bushel and set a contract low of $5.75.