CBOT wheat falls as rain relieves drought
CHICAGO, Nov 1 (Reuters) -Chicago Board of Trade wheat futures eased as rains over dry regions of the U.S. weighed on prices, though continued drought in the U.S. Plains as well as poor Australian crop prospects provided a floor for prices.
CBOT December soft red winter wheat WZ24 settled down 2-1/2 cents at $5.68 per bushel, settling down 0.17% for the week.
K.C. December hard red winter wheat KWZ24 ended down 2-1/2 cents at $5.66-3/4 and Minneapolis December spring wheat MWEZ24 ended down 4-1/2 cents at $5.99-3/4 per bushel.
Forecasts called for increased showers over the next two weeks in the U.S. Plains and Midwest, which will bring much-needed moisture for the emerging winter wheat crop.
Algeria's state grains agency OAIC is believed to have purchased about 600,000 metric tons of milling wheat in an international tender that closed on Thursday, European traders said. Expected origins included Romania and Bulgaria, Ukraine, some Russian and possibly new crop Argentine wheat.
Although rains have hit the U.S. Plains, drought remains a concern.
Reporting by Heather Schlitz; Editing by Richard Chang
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