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334467

U.S. wheat futures fall on demand worries

CHICAGO, Oct 6 (Reuters) - U.S. wheat futures sagged on Thursday, with the most-active Chicago Board of Trade contract dropping 2.5%, as concerns about the global economy chilled prospects for a pick-up in exports. * A firm dollar, stemming from the risk-off market that was weighing on commodity prices, made U.S. wheat relatively more expensive to overseas buyers. * Some forecasts for much-needed rain in the U.S. Plains this weekend that will aid development of the recently seeded crop there added pressure. * The U.S. Agriculture Department said on Thursday morning that export sales of wheat totaled 229,400 tonnes in the week ended Sept. 29, down 8.3% from the prior week. Analysts had expected a weekly total between 200,000 and 450,000 tonnes. * The benchmark Chicago Board of Trade December soft red winter wheat futures contract dropped 22 cents to $8.79 a bushel, falling below its 10-day moving average. * K.C. December hard red winter wheat fell 21-1/2 cents to $9.68-3/4 a bushel and MGEX December spring wheat lost 15-1/4 cents to $9.66-1/4 a bushel. (Reporting by Mark Weinraub; Editing by Leslie Adler)

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