CBOT wheat down as rain over US Plains eases dryness
CHICAGO, Oct 31 (Reuters) -Chicago Board of Trade wheat futures turned lower on Thursday on news of rainfall over the drought-stricken U.S. Plains, traders said.
CBOT December soft red winter wheat WZ24 settled down 2-3/4 cents at $5.70-1/2 per bushel.
K.C. December hard red winter wheat KWZ24 ended down 6-1/2 cents at $5.69-1/4 and Minneapolis December spring wheat MWEZ24 ended down 4-3/4 cents at $6.04-1/4 per bushel.
According to the U.S. Drought Monitor, 62% of the U.S. winter wheat crop is affected by drought, up from 58% a week ago.
Persistent dryness has hampered the germination and planting of winter wheat in the country's key wheat-growing region.
The U.S. Department of Agriculture reported export sales of U.S. wheat in the week ended Oct. 24 at 411,400 metric tons, in line with trade expectations for 300,000 to 600,000 tons. EXP/WHE
Traders await the results of an international wheat purchase tender set by Algeria's state grains agency that could provide a clearer view of the impact of Russia’s unofficial minimum wheat export price.
Algeria is a vital customer for wheat from the European Union, but Russian and other Black Sea region exporters have been expanding in the Algerian market.
Reporting by Heather Schlitz; Editing by Rod Nickel
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