CBOT wheat hits five-year low on increasing Russian exports

CHICAGO, Oct 14 (Reuters) - Chicago Board of Trade wheat futures fell to a five-year low on Tuesday on abundant global supplies, before recovering later in the session. Top wheat exporter Russia has accelerated shipments in the past months after a slow start, and pressure from global harvests has been building.

• CBOT December soft red winter wheat WZ25 settled 3-1/2 cents higher at $5.00-1/4 per bushel.

• K.C. December hard red winter wheat KWZ25 ended 7-1/4 cents higher at $4.88-1/2 a bushel.

• Minneapolis December spring wheat MWEZ25 ended unchanged at $5.51-1/2 per bushel.

• Consultants Sovecon last week raised their Russian wheat production estimate to 87.8 million tons from 87.2 million tons, reflecting record yields in Siberia.

• Traders also expect large harvests in Argentina and Australia to hit the market over the coming months.

• Crop conditions in most major wheat producers have been benign this year, though consistent rainfall in parts of China is disrupting its harvest.

• An ongoing U.S. government shutdown that has deprived market players of crucial data on exports, demand and harvest progress has made traders cautious about making big moves in the market.