CBOT wheat futures weaken on Russia competition
CHICAGO, Aug 19 (Reuters) -Chicago Board of Trade benchmark wheat futures ease on Monday as large Black Sea crop pulls focus from a poor French and German crop.
CBOT's September soft red winter wheat WU24 settled down 1-3/4 cents at $5.28-1/4 a bushel, while December futures WZ24 ended down 1/4 cent at $5.52-1/4 a bushel.
K.C. September hard red winter wheat KWU24 settled up 1 cent at $5.40-3/4 a bushel.
MGEX September spring wheat MWEU24 fell 6 cents to $5.87-1/4 a bushel.
Russian wheat export prices declined last week amid lower global prices and weak demand, as analysts expect new crop supplies to increase and exert further downward pressure, according to Russian crop consultancies.
Egypt remains confident of securing its target of around 3.8 million metric tons of imported wheat by the end of 2024, through a combination of tenders, direct purchases and government-to-government agreements, a minister said on Monday.
French farmers have almost finished harvesting this year's soft wheat crop, which is expected to be the smallest since the 1980s.
Germany's 2024 wheat crop is expected to fall 12.8% to 18.76 million metric tons as crops suffered from repeated harvest-time rain, the country's association of farm cooperatives said on Friday.
Reporting by Renee Hickman in Chicago; editing by Jonathan Oatis
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