October 12, 2003	Sunday	Sha'aban 15, 1424

CHICAGO, Oct 11: Chicago Board of Trade wheat futures closed weak on Friday with the market pressured a bit by a bearish number for global wheat ending stocks in Friday’s USDA October supply/demand report, traders said.

The market traded on both sides of Thursday’s close with support in early dealings stemming from a surge in soybean futures and a bounce amid signs the wheat market was technically oversold and due for a bounce, the traders said.

CBOT wheat closed 1/2 to 5 cents per bushel lower, with December down 1/2 at $3.26-3/4 per bushel.

On Friday, the US Department of Agriculture in its October supply/demand report boosted its 2003/04 global wheat ending stocks estimate to 130.17 million tonnes from its forecast in September for 129.01 million.

US wheat ending stocks for 2003/04 were pegged at 633 million bushels, above an average of analysts’ estimates for 627 million but below USDA’s forecast in September for 644 million.

Soaring freight rates were dampening export bookings and concerns about vomitoxin in SRW wheat also remain in the cash market, with sharp discounts for off-grade wheat.

Exports were routine overnight, with South Korea buying 18,500 tons of US wheat, but wheat futures drew some support from oversold technical signals.

The 9-day relative strength index for the December contract was 16 at the close Thursday, well below the 30 level that chartists view as oversold. It closed Friday at 15.—Reuters