CBOT wheat futures drop to new eight-week low amid supply glut concerns

CHICAGO, Dec 17 (Reuters) - Chicago Board of Trade wheat futures fell for a fourth consecutive session on Wednesday, setting an eight-week low, as ample supply and progress in peace talks between Russia and Ukraine triggered selling by speculative investors, market analysts said.

• CBOT March soft red winter wheat WH26 settled down 3-1/4 cents at $5.06-1/4 per bushel.

• Earlier, the most-active wheat contract Wv1 touched down to $5.04 a bushel - its lowest level since October 23.

• Chicago wheat contracts across the board set fresh lows during the session. The same was true for Minneapolis spring wheat contracts.

• Minneapolis March spring wheat MWEH26 ended down 3 cents to finish at $5.62 a bushel, a contract low.

• K.C. March hard red winter wheat KWH26 ended up 2-3/4 cents at $5.07-3/4 a bushel.

• Exporters cancelled sales of 132,000 metric tons of U.S. white wheat to China, the USDA said on Wednesday, as world supplies were ample.

• While the news was seen as bearish, traders said the cancellation did not significantly impact the global supply balance sheet as Southern Hemisphere producers are pouring wheat into an already well-supplied market.