CBOT wheat futures decline as Black Sea jitters subside

CHICAGO, Dec 3 (Reuters) - Chicago Board of Trade wheat futures declined on Wednesday on plentiful global grain supplies and receding fears of a military escalation in the Black Sea grain export region, analysts said.

• CBOT March soft red winter wheat WH26 settled down 2-3/4 cents at $5.38-1/4 per bushel.

• K.C. March hard red winter wheat KWH26 ended down 3-1/2 cents at $5.29-1/2 a bushel and Minneapolis March spring wheat MWEH26 fell 4-1/2 cents to end at $5.76-1/4 a bushel.

• Wheat futures erased much of the previous day's advances, which brokers had attributed to Russian President Vladimir Putin's threat to cut off Ukraine's access to the Black Sea after drone attacks on Russian-linked vessels.

• By Wednesday, following a five-hour Kremlin meeting between Putin and U.S. President Donald Trump's top envoys, fears of a threat to grain exports appeared to have receded, even though no agreement was reached to end the war in Ukraine.

• Algeria’s state grains agency bought about 810,000 to 870,000 metric tons of milling wheat in an international tender, European traders said. Algeria’s purchases are optional-origin, but traders suspect some of the wheat could be sourced from the Black Sea region or Argentina.

• Statistics Canada is expected to raise its wheat production outlook to 38.49 million metric tons in a report due on Thursday, up from its previous estimate of 36.62 million tons.

• Ahead of Thursday's weekly export sales report from the U.S. Department of Agriculture, traders estimated net export sales of U.S. wheat in the week ended October 30 at 250,000 to 650,000 metric tons. The government is still releasing back-dated export sales data following the 43-day government shutdown that ended last month.