Wheat unchanged

Reuters

Sydney/Paris

US wheat was unchanged in light year-end trading on Thursday with the grain poised to record an annual decline of more than 20 percent as ample global supplies weighed on prices.

Wheat is set for a yearly loss of 20.35 percent, the second-biggest annual loss since 2008. "The market is focused on the ample supply of wheat globally," said Hannah Johnson, chief analyst at Profarmer Australia, in a note to clients. Weekend storms and flooding in parts of the southern U.S. Midwest may threaten the region´s soft red winter wheat and that could eat into the excess global supply. However, the extent of the damage will not be confirmed until next year.

In Europe, Paris-based milling wheat March futures closed at a 4-month low of 172.75 euros a tonne initially scored on Monday, down 13.6 percent this year.

Chicago Board of Trade front-month wheat was trading unchanged at $4.69-3/4 a bushel after closing down 1.26 percent in the previous session.