U.S. wheat futures tumbled Friday against the dollar after a lengthy liquidation pullback heading into the weekend, Reuters reported, hoping for progress in talks to keep Ukraine’s Black Sea grain export corridor intact.

Spillover pressure from falling oil and stock markets further fueled the selling.

Chicago Trade Commission soft red winter wheat he fell 32 1/2 cents in December, trading at 8.59 3/4 a bushel.

The benchmark contract fell 2.3% on the week, marking the second straight week of declines.

KC December soft red winter wheat closed 30 cents lower at 9.52-1/4 bushels, while MGEX December spring wheat closed 24-3/4 cents lower at 9.54-1/4 bushels.

Moscow has warned the United Nations that it is prepared to refuse to extend the Black Sea export corridor agreement next month.

Talks are underway to keep the corridor open.

Wheat export sales for the week ending 6 October totaled 211,900 tonnes, according to the US Department of Agriculture.

This was near the lower end of his trade forecast of 500,000 tonnes from 200,000 tonnes.

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Source: Reuters

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