CBOT wheat ticks lower on strong global crop prospects
CHICAGO, Nov 27 (Reuters) -Chicago Board of Trade wheat futures edged lower on Wednesday as a technical bounce from the previous session petered out in the face of improving crop prospects in major wheat production zones worldwide.
U.S. commodities markets will be closed on Thursday for the Thanksgiving holiday and will re-open for an abbreviated session on Friday, with trading closing at 12:05 p.m. CST.
Rainfall in the Black Sea region has eased drought concerns in the major wheat-growing area while a drier spell in western Europe this month has helped farmers catch up on sowing.
Expectations of large volumes in ongoing harvests in Australia and Argentina were also offsetting concerns that availability of Russian and Ukrainian wheat may soon subside.
The U.S. winter wheat crop, except the crop in the far Southern Plains and the Southeast, has likely entered dormancy, according to Commodity Weather Group.
CBOT March soft red winter wheat WH25 settled down 9-1/2 cents at $5.48-1/2 per bushel.
K.C. March hard red winter wheat KWH25 ended down 14-1/4 cents at $5.44-1/2 a bushel and Minneapolis March spring wheat MWEH25 was up 5 cents at $6.01-1/2 per bushel.
Reporting by Heather Schlitz;
Editing by Sandra Maler
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