CBOT wheat ticks down on global supplies, peace talks progress

CHICAGO, Dec 30 (Reuters) - Chicago Board of Trade wheat futures dipped on Tuesday on large global supplies and trader optimism over the future of talks to end the Russia-Ukraine war, which would benefit Black Sea trade.

• Argentina's 2025/26 wheat harvest is forecast to hit a record of 27.8 million metric tons, the Buenos Aires Grains Exchange said on Tuesday, lifting its estimate from 27.1 million tons due to persistent high yields as harvesting nears completion.

• Agricultural consultancy Sovecon on Tuesday raised its 2025/26 Russian wheat exports forecast by 0.4 million tons to 44.6 million tons.

• Wheat futures also were pressured by hopes that the war in Ukraine will end soon, even after Russia accused Kyiv on Monday of trying to attack President Vladimir Putin's residence. Ukraine dismissed the claim, calling it a lie intended to derail peace talks.

• A resolution to the conflict would likely weigh on wheat prices, as the removal of war-related shipping risks would reduce export costs, according to analysts.

• CBOT March soft red winter wheat WH26 settled 2-1/4 cents lower at $5.10-3/4 per bushel.

• K.C. March hard red winter wheat KWH26 ended 5-1/4 cents lower at $5.22 a bushel.

• Minneapolis March spring wheat MWEH26 settled 3/4 cent down at $5.78-1/2 per bushel.