CBOT wheat hits contract lows on supply pressure
CHICAGO, Aug 19 (Reuters) - Chicago Board of Trade wheat futures fell on Tuesday, pressured by an upward revision to Russia's wheat crop forecast and the latest talks to end the war in Ukraine.
On Monday, Russia's IKAR consultancy raised its 2025 wheat crop forecast to 85.5 million metric tons from 84.5 million tons, reinforcing expectations that the world's biggest exporter is set for a large harvest despite a disappointing start.
Hopes of progress toward ending the war in Ukraine also weighed on sentiment, though the next steps in negotiations remained uncertain after U.S. President Donald Trump hosted separate talks with Russia's Vladimir Putin and Ukrainian President Volodymyr Zelenskiy. Both Russia and Ukraine are major grain exporters.
Half of the U.S. spring wheat crop was rated to be in good to excellent condition, up one percentage point from a week earlier and above expectations for no change to the rating, according to the USDA. The spring wheat crop harvest accelerated to 36% complete as of Sunday, up from 16% a week earlier and above analyst expectations for 30%.
CBOT September soft red winter wheat WU25 settled 3-3/4 lower to $5.21-1/4 per bushel.
K.C. September hard red winter wheat KWU25 last traded 6-1/2 cents lower at $5.21-3/4 a bushel.
Minneapolis September spring wheat MWEU25 settled 1/4 cent higher at $5.87-1/2 a bushel.
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