CBOT wheat ends down on plentiful global supply
CHICAGO, Aug 8 (Reuters) - U.S. wheat futures lost an export-fuelled rebound on Friday as abundant global supplies of the grain and technical trading weighed on prices.
Northern Hemisphere wheat harvests have been flooding the market with new-crop grain.
Cheap prices have, however, stimulated demand. Weekly U.S. export sales reported by the U.S. Department of Agriculture on Thursday showed wheat volumes above analyst estimates.
Consultancy IKAR said on Friday it had raised its 2025 Russian wheat crop forecast to 84.5 million metric tons from 84.0 million previously, supporting expectations that harvest results were improving in the world's biggest wheat exporter after disappointing early reports.
Farmers in Argentina have sown a larger wheat area this year than last and early crop conditions are highly favourable, the Buenos Aires Grains Exchange said.
CBOT September soft red winter wheat WU25 fell 3-3/4 cents to $5.14-1/2 a bushel.
K.C. September hard red winter wheat KWU25 settled 3-1/4 cents lower to $5.18-1/4 a bushel.
Minneapolis September spring wheat MWEU25 settled 2-3/4 cents lower at $5.76-3/4 a bushel.
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