CBOT wheat sets new lows despite Canadian rail strike
CHICAGO, Aug 22 (Reuters) -Chicago Board of Trade benchmark wheat futures Wv1 hit a new contract low on Thursday as low prices for Black Sea wheat and a stronger dollar continue to undercut the competitiveness of U.S. grains, analysts said.
CBOT's December soft red winter wheat WZ24 lost 8-1/2 cents to settle at $5.35-1/2 per bushel. All CBOT wheat contracts hit new lows.
K.C. December hard red winter wheat KWZ24 lost 6-3/4 cents to settle at $5.45 per bushel, with all contracts hitting lifetime lows.
MGEX December spring wheat MWEZ24 was flat at $5.97 per bushel.
Industry players said a lockout of more than 9,000 unionized Canadian rail workers, which began Thursday morning, has had a limited impact on CBOT futures, though a longer strike could translate to a bump in demand for U.S. exports.
The rail stoppage could cause billions of dollars worth of economic disruptions to exports from North America.
Net U.S. wheat export sales for the week ended Aug. 15 totaled 492,700 metric tons, the U.S. Department of Agriculture (USDA) said, near the high end of analyst estimates that ranged from 250,000 to 500,000 tons. EXP/WHE
Reporting by Heather Schlitz; Editing by Aurora Ellis
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