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335163

CBOT wheat settles lower on favorable U.S. rains

CHICAGO, Oct 25 (Reuters) - Chicago Board of Trade wheat futures weakened on Tuesday, pressured by weak demand and favorable rains in dry U.S. growing areas, analysts said. * Chicago Board of Trade December soft red winter wheat settled down 4 cents at $8.34-3/4 a bushel. * K.C. December hard red winter wheat ended 3-1/2 cents lower at $9.34-1/2 a bushel, and MGEX December spring wheat fell 5-1/2 cents to settle at $9.52-1/4 a bushel. * Weather forecasts for showers in the coming days in drought-affected wheat zones in Argentina and the U.S. Plains tempered supply concerns, traders said. * Exports of Black Sea wheat also weighed on prices, despite uncertainty over the future of a wartime shipping corridor from Ukraine. * Algeria's state grains agency OAIC is believed to have started buying optional-origin milling wheat in an international tender that sought limited shipment to two ports only, European traders said in initial assessments. (Reporting by Tom Polansek; Editing by Will Dunham)

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