CBOT wheat slips on US harvest and weak demand
CHICAGO, July 30 (Reuters) -Chicago Board of Trade wheat Wv1 eased on Tuesday as Russian wheat prices remained low and the U.S. winter wheat harvest advanced further.
Russian wheat export prices were largely unchanged last week, and analysts say that prices have reached the bottom.
The U.S. Department of Agriculture on Monday said the U.S. winter wheat harvest was 82% complete, up from 76% a week earlier. That was below analysts' average expectations of 83%.
The USDA reported a decline in spring wheat conditions to 74% good to excellent, down from 77% a week ago and below analysts' expectations of 75%.
CBOT September soft red winter wheat WU24 settled down 7 cents at $5.24 per bushel but stayed above Monday's low of $5.14-1/4, the lowest on a continuous chart of the most-active CBOT wheat contract Wv1 since August 2020.
September K.C. hard red winter wheat KWU24 settled down 3-1/4 cents at $5.50-1/4 per bushel after hitting a contract low at $5.35-1/2.
MGEX September spring wheat MWEU24 finished 7 cents lower at $5.84-1/2 per bushel.
Reporting by Heather Schlitz in Chicago
Editing by Matthew Lewis
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