CBOT wheat ends lower in technical moves, export competition
CHICAGO, Sept 27 (Reuters) -Chicago Board of Trade wheat futures closed lower on Friday on follow-through selling after Thursday's weak technical close and persistent export competition from Black Sea suppliers, traders said.
CBOT December soft red winter wheat WZ24 settled down 4-1/4 cents at $5.80 per bushel. However, for the week, the contract rose 11-1/2 cents a bushel, or 2%.
K.C. December hard red winter wheat KWZ24 ended down 2-1/4 cents at $5.76-3/4 a bushel and MGEX December spring wheat MWEZ24 fell 3-1/4 cents at $6.08-1/4.
Traders were evening up positions ahead of the USDA's quarterly stocks and annual small grains summary reports, both due on Monday.
Analysts surveyed by Reuters on average expect the USDA to report Sept. 1 wheat stocks at a four-year high of 1.973 billion bushels, and to trim its estimate of U.S. 2024/25 wheat production.
The European Commission reduced its forecast for usable production of common wheat in the European Union in 2024/25 to a 12-year low as it continued to factor in adverse weather in the bloc.
Reporting by Julie Ingwersen; editing by Jonathan Oatis
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