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U.S. wheat futures sag as Russian harvest estimate rises

Reuters, 23.08.17

CHICAGO, Aug 22 (Reuters) - U.S. wheat futures fell Tuesday, with front-month K.C. hard red winter (HRW) wheat future dropping below $4 a bushel for the first time since April, as a bumper Russian wheat harvest threatened to pad already ample global grain supplies.

* Chicago Board of Trade December soft red winter wheat settled down 8 cents at $4.29 per bushel.

* K.C. December HRW wheat ended down 8-3/4 cents at $4.27 while the spot September contract settled down 8-3/4 at $3.99 a bushel.

* MGEX December spring wheat fell 12-3/4 cents at $6.56-1/4.

* Russian agriculture consultancy IKAR raised its forecast for Russia's 2017 wheat crop to 79 million to 82 million tonnes, from its previous range of 77 million to 80 million tonnes.

* On Friday SovEcon, another consultancy, raised its forecast for Russia's 2017-18 grain exports by 3.3 million tonnes to 43.6 million tonnes.

* The U.S. Department of Agriculture late Monday said the U.S. spring wheat harvest was 58 percent complete, ahead of the five-year average of 51 percent. The USDA rated 34 percent of the crop in good to excellent condition, up from 33 percent the previous week.

* Germany will harvest about 23.4 million tonnes of winter wheat in 2017, down 3 percent on the year following persistent summer rain, said DBV, an association of German farmers.

Last Net Low High Volume chng CBOT WHEAT SRW SEP7 402.25 -7.25 402.00 413.00 32528 CBOT WHEAT SRW DEC7 429.00 -8.00 428.75 440.50 78797 KC WHEAT HRW SEP7 399.00 -8.75 398.25 411.50 14727 KC WHEAT HRW DEC7 427.00 -8.75 426.00 439.50 32756 MGEX SPG WHT SEP7 641.00 -14.00 640.00 661.75 1811 MGEX SPG WHT DEC7 656.25 -12.75 655.25 676.00 5402

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