Content ID

334699

CBOT wheat drops on demand worry as USDA cuts supply less than expected

CHICAGO, Oct 12 (Reuters) - Chicago wheat futures dropped on Wednesday after the U.S. Department of Agriculture (USDA) cut its demand forecast and lowered its end-of-season supply outlook by less than expected in a monthly report. * The benchmark Chicago Board of Trade December soft red winter wheat contract settled down 18-3/4 cents at $8.82-1/4 a bushel. * K.C. December soft red winter wheat fell 20-3/4 cents to settle at $9.70 a bushel, while MGEX December spring wheat was down 18-1/2 cents at $9.66-3/4 a bushel. * In its monthly supply-and-demand report, the USDA cut its U.S. production estimate but also lowered its export and feed demand estimates. Ending stocks were lowered to 576 million bushels, above the average trade estimate for 554 million. (Reporting by Karl Plume in Chicago, editing by Deepa Babington)

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