CBOT wheat tumbles after USDA raises global wheat stocks
CHICAGO, Oct 11 (Reuters) -Chicago Board of Trade wheat futures lost ground after the U.S. Department of Agriculture raised its global wheat supply outlook, though traders continue to eye overly dry weather and escalating tensions in the Black Sea breadbasket region.
CBOT December soft red winter wheat WZ24 settled down 4-3/4 cents at $5.99 a bushel, ending up 1.5% for the week.
K.C. December hard red winter wheat KWZ24 settled down 6-1/2 cents at $6.04-1/2 a bushel, and Minneapolis December spring wheat MWEZ24 settled down 6-1/2 cents at $6.43-3/4 a bushel.
The USDA raised its global ending-stocks outlook from last month and slightly trimmed its Russian wheat harvest expectations in its monthly supply and demand report.
Weather is not hampering Russia's winter grain sowing or harvesting, officials said on Friday, despite the drought that analysts estimate has slowed fieldwork.
Uncertainty about Black Sea exports has also increased amid a wave of Russian attacks on Ukraine's ports, which sources say have pushed up shipping insurance costs.
Reporting by Heather Schlitz; editing by Jonathan Oatis
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