CBOT wheat down on mounting supply pressure
CHICAGO, Nov 25 (Reuters) -Chicago Board of Trade wheat futures fell on Monday as ample supplies pressured prices, with worry receding that an intensified conflict between Russia and Ukraine could threaten Black Sea export shipments.
Russia launched a hypersonic ballistic missile at Ukraine last week. However, a lack of escalation over the weekend has quelled fears that the conflict would disrupt grain supplies flowing from the Black Sea breadbasket region.
Talks of a ceasefire deal between Israel and Hezbollah have also pressured wheat prices.
U.S. winter wheat crop conditions likely improved for a fourth straight week after timely precipitation across much of the Plains farm belt earlier this month, according to analysts surveyed by Reuters.
The U.S. Department of Agriculture will report wheat condition ratings after the market's close on Monday.
Limited showers are forecast for the U.S. Central and Southern Plains wheat belt in the coming weeks, but the crop's moisture needs are declining, according to Commodity Weather Group
CBOT March soft red winter wheat WH25 settled down 9 cents at $5.55-3/4 per bushel.
K.C. March hard red winter wheat KWH25 ended down 8-1/2 cents at $5.57 a bushel and Minneapolis March spring wheat MWEH25 fell 5 cents to finish at $5.96-1/2 per bushel.
Reporting by Heather Schlitz; editing by Jonathan Oatis
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