Mumbai, 16 Feb (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures fell on Friday and eye their biggest weekly drop since last September after the U.S. government forecast larger-than-expected inventories as exporters struggle to compete with cheap Russian grain.
The most-active wheat contract on the CBOT was down 0.7% at $5.63 a bushel, and has lost nearly 6% so far this week, with prices nearing September's three-year low of $5.40.
At its annual outlook forum, the USDA predicted that U.S. wheat stocks would rise to 769 million bushels by the end of the 2024/25 marketing year, up 17% from a year earlier and the most in four years.
The USDA's forecasts for wheat ending stocks significantly exceeded analysts' expectations.
Commodity funds have bet heavily that Chicago wheat prices will fall further and were net sellers of wheat again on Thursday, traders said.
Egypt's state grains buyer, the General Authority for Supply Commodities, said it had bought 180,000 metric tons of wheat in a tender.
(By Commoditiescontrol Bureau: 09820130172)
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