Wheat retreats in Chicago due to global supply pressure

Wheat traded on the Chicago Board of Trade fell again this Thursday, according to data from TF Agroeconômica. The contracts registered new lows amid increased domestic supply in the United States and the advancement of global production. December soft red winter wheat closed down 1.82%, or 9.75 cents, at 527.00 per bushel. March fell 1.59% to 540.75. In Kansas, hard red winter wheat for December retreated 1.75%, closing at 506.50. In Minneapolis, hard red spring wheat for December fell 1.46%, ending at 572.75. In Europe, milling wheat on Euronext declined 0.53%, quoted at 189.25 euros per ton. The downward movement reflected the strong seasonal supply and positive revisions of major global crops. The International Grains Council projected a 3 million-ton increase in world production, driven by better prospects for Argentina and Kazakhstan. Russian consultancy SovEcon also revised the country's harvest upwards, reinforcing the scenario of ample availability in the international ...