Tuesday, 05 February 2013 04:25
CHICAGO: Chicago Board of Trade wheat futures were lower on Monday on a firm dollar, technical selling and improved outlooks for crop weather in the United States, traders said.
* Crop-friendly moisture is expected to arrive in the drought-stricken US Plains and northwest Midwest later this week, an agricultural meteorologist said on Monday. "By the weekend there is some fairly meaningful precipitation for the dry western areas of the Plains hard red winter wheat area and heavier precipitation in the eastern areas," said John Dee, meteorologist for Global Weather Monitoring.
* Dee said the driest areas of the Plains could receive from 0.20 to 0.60 inch of moisture and the eastern Plains could receive from 0.50 inch to 1.00 inch. "There also will be up to an inch in the dry area of the northwest Midwest," he said.
* USDA said US wheat inspected for export last week totaled 15.2 million bushels, below estimates for 20.0 to 25.0 million.
* Egypt, the world's biggest importer of wheat, bought 60,000 tonnes of U.S, soft red winter wheat for shipment March 1-10, the main government wheat buyer said on Saturday.
* Key resistance for the March contract is at its 50-day moving average of $8.01-1/2. The nine-day relative strength index is at 39.
Copyright Reuters, 2013