CBOT wheat closes lower on a choppy day of trading
CHICAGO, Nov 29 (Reuters) -Chicago Board of Trade wheat futures ended the session lower on a choppy day of trading Friday, as prices remained under pressure by both Russia and Argentina selling crops into the global market at a discount, analysts said.
CBOT March soft red winter wheat WH25 settled down 1/2-cent at $5.48 a bushel.
K.C. March hard red winter wheat KWH25 ended down 3-3/4 cents at $5.40-3/4 a bushel, after setting a new contract low earlier in the session.
Minneapolis March spring wheat MWEH25 rose 1/2-cent at $5.91-3/4 a bushel.
Wheat did gain some support on news that Russia planned to cut its 2025 export quota and hiked wheat-export duties as the government moved to curb inflation, analysts said.
Weakness in the U.S. dollar .DXY, which makes U.S. exports more competitive, also lent support to futures, traders said.
Weather conditions for the U.S. wheat crop continue to look largely benign, with threats of damage from cold weather confined to the far Northern Plains so far, analysts said.
The U.S. Department of Agriculture reported weekly 2024-25 U.S. wheat export sales of 366,800 metric tons, in line with trade expectations for 200,000-600,000 metric tons.
Soft wheat sowing in France is ahead of the average pace, with drier weather helping farmers make progress after rain delays, data from farm office FranceAgriMer showed.
Reporting By P.J. Huffstutter in Chicago; Editing by Diane Craft
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