20000312CBOT wheat ends lower, follows soybeans down

CHICAGO: Chicago Board of Trade soft red winter wheat futures closed lower, with late selling largely prompted by a swift drop in soybeans, traders said.

Wheat futures were lightly traded throughout the day with little news to guide price direction. When soybeans broke, selling spilled into the wheat to take those contracts down to the lows of the day.

Updated wheat supply and demand estimates released by USDA early Friday were largely unchanged from previous reports and offered traders little new information on which to trade. The US 1999/2000 wheat crop estimate remained at 2.302 billion bushels and ending stocks were unchanged at 997 million.

Weather forecasts offered bearish news and bullish news. Kansas and Nebraska wheat areas were expected to receive beneficial rain or snow Friday, while the struggling Texas wheat may remain dry through Tuesday.

Volume leaders in wheat on Friday appeared to be FIMAT, which bought 300 July and 100 May and sold 300 May, and Cargill Investor Services which bought and sold 200 May.

Wheat closed down 2 cents to 4-1/4 with May off 3-1/4 at $2.60 per bushel.-Reuters