CBOT wheat hits five-year low on increasing Russian exports

CHICAGO, Oct 14 (Reuters) – Chicago Board of Trade wheat futures fell to a five-year low on Tuesday on abundant global supplies, before recovering later in the session. Top wheat exporter Russia has accelerated shipments in the past months after a slow start, and pressure from global harvests has been building. * CBOT December soft red winter wheat settled 3-1/2 cents higher at $5.00-1/4 per bushel. * K.C. December hard red winter wheat ended 7-1/4 cents higher at $4.88-1/2 a bushel. * Minneapolis December spring wheat ended unchanged at $5.51-1/2 per bushel. * Consultants Sovecon last week raised their Russian wheat production estimate to 87.8 million tons from 87.2 million tons, reflecting record yields in Siberia. * Traders also expect large harvests in Argentina and Australia to hit the market over the coming months. * Crop conditions in most major wheat producers have been benign this year, though consistent rainfall in parts of China is disrupting its harvest. * An ongoing U.S. government shutdown that has deprived market players of crucial data on exports, demand and harvest progress has made traders cautious about making big moves in the market. (Reporting by Heather Schlitz in Chicago; Editing by Nia Williams)

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