CBOT wheat futures rise ahead of USDA supply-demand report
CHICAGO, Aug 9 (Reuters) -Chicago Board of Trade wheat futures turned higher on Friday on expectations of a poor crop in France and as traders positioned for Monday's government supply and demand report, market analysts said.
CBOT's most-active September soft red winter wheat WU24 settled up 5 cents at $5.42-1/2 per bushel.
For the week, most active wheat futures Wv1 ended up about 0.65%.
K.C. September hard red winter wheat KWU24 ended up 2-1/2 cents at $5.54 per bushel, while MGEX September spring wheat MWEU24 rose 4-1/2 cents to $5.89-3/4 per bushel.
A survey of analysts forecast slightly higher U.S. wheat production in Monday's U.S. Department of Agriculture (USDA) report.
Russian agricultural consultancy Sovecon has revised its forecast for Russia's 2024 wheat crop down to 82.9 million metric tons from 84.7 million metric tons, it said on Friday.
France's farm ministry on Friday lowered its estimate of the country's 2024 soft wheat output, now expected to be 25% below last year's volume.
Russia, the world's biggest wheat exporter, slashed export duties for wheat by 42% in the week starting Aug. 14, the country's agriculture ministry said on Friday. The cuts come amid low international wheat prices due to oversupply.
Reporting by P.J. Huffstutter; editing by Jonathan Oatis
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