CBOT wheat plunges to five-year low on supply pressure

CHICAGO, Aug 6 (Reuters) - U.S. wheat futures slipped to a new five-year low on Wednesday, as a large global supply of the grain hung over markets.

• Massive global supplies of wheat from recent harvests in the United States and Black Sea have flooded the market, while strong export competition and a lack of supply shortfalls have pushed prices to lows, analysts said.

• Tumbling corn futures have also exerted spillover pressure on the wheat market as producers turn to lower-priced corn to feed poultry and livestock instead of wheat.

• Wheat crops from central Russia are reaching ports, easing concerns about availability after poor early harvest results in southern Russia, according to traders.

• Recent rainfall has boosted the outlook for harvests in Canada, Australia and Argentina, traders said.

• CBOT September soft red winter wheat WU25 rose 1/4 cent to $5.08-1/2 a bushel after hitting a five-year low of $5.04 a bushel.

• K.C. September hard red winter wheat KWU25 last traded 7 cents higher to $5.11-1/2 a bushel.

• Minneapolis September spring wheat MWEU25 settled 1-1/4 cents lower at $5.69 a bushel.