CBOT wheat drops in choppy trade, pressured by Russian prices

Nov 25, 202218:35 UTC

Chicago Board of Trade wheat futures slid sharply on a short and choppy day of trading Friday, with the December contract (WZ2) hitting its lowest since Aug. 22, as recent weakness in Russian wheat prices continued to weigh on the market, traders said.

NOTE: The Chicago traded grain and oilseed markets closed at 12:05 p.m. central time (1805 GMT) on Friday, due to the U.S. Thanksgiving holiday.

CBOT December soft red winter wheat (WZ2) settled down 18 cents at $7.75-1/2 per bushel.
The most-active March soft red winter wheat (WH3) fell 16-1/2 cents, to settle at $7.97 per bushel.
K.C. December hard red winter wheat (KWZ2) last traded down 9 cents to $9.21-1/4 a bushel, and MGEX December spring wheat (MWEZ2) last traded down 1/2-cent at $9.57-1/4 a bushel.
USDA reported weekly net export sales of 511,800 tonnes of wheat for 2022/23 in the week ended Nov. 17. Analysts surveyed by Reuters were expecting 250,000-600,000 tonnes.
Egypt's state grains buyer GASC bought an estimated 175,000 tonnes of wheat in private deals with trading houses late on Thursday, traders said.
Russia's ambassador to Turkey on Friday denied slowing inspections of Ukraine grain ships.
Ukraine's grain exports have proceeded more slowly since a U.N.-brokered deal was extended last week to help ease global hunger, Reuters reported on Thursday.