CBOT wheat falls on global supply pressure

Chicago Board of Trade (CBOT) wheat futures dropped on Friday as global supplies continue to pressure the U.S. market, traders said.

• Most-active CBOT March soft red winter wheat (WH3) lost 12 cents to settle at $7.34-1/4 a bushel.

• For the week, the CBOT's most-active wheat contract ZW1! dipped 3.52%, its fifth consecutive week of declines.

• The spot December contract (WZ2) fell 11-1/2 cents to $7.12-3/4 a bushel.

• K.C. March hard red winter wheat (KWH3) lost 11-3/4 cents to $8.33 a bushel, and MGEX March spring wheat (MWEH3) added cents to $9.09-1/2 a bushel.

• U.S. wheat stocks will total 571,000 bushels at the end of the 2022/23 marketing year, the U.S. Agriculture Department said in its monthly World Agricultural Supply and Demand Estimates report, slightly below analyst expectations of 1.237 billion bushels.

• U.S. farmers enrolled 47.565 million acres of wheat in crop subsidy programs by Dec. 1, the USDA said in a separate report.

• Argentina's drought has led to sharp cuts to the country's wheat harvest forecast.

• Belarus, in a U.N. statement, said it will accept transit of Ukrainian grain through its territory for export from Lithuanian ports.