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CBOT wheat ends lower on technical selling: traders

wheat-productionCHICAGO: US wheat futures closed lower on Monday as technical weakness resulted in a third straight day of losses, traders said.


* The benchmark Chicago Board of Trade March soft red winter wheat contract opened higher but weakened as a round of selling hit the market when prices failed to break through the 30-day moving average of $8.77-3/8 a bushel.


* Hard red winter wheat futures at the Kansas City Board of Trade and MGEX spring wheat posted sharper losses than CBOT wheat futures.


* Dry weather is expected across the US Plains throughout the week, with some light showers forecast in Colorado, Nebraska and northwest Kansas on Sunday, said Drew Lerner, meteorologist for World Weather Inc. Only 1/4 inch of moisture expected in those storms.


* The US Agriculture Department said on Monday morning weekly export inspections of wheat were 14.186 million bushels, up from 8.122 million bushels last week and topping forecasts for 8 million to 12 million bushels.


* Egypt's GASC said during the weekend it had signed deals to buy 280,000 tonnes of US wheat, the first purchase of US supplies by the Egyptian government's main wheat buyer since April.


* Bangladesh's state grains buyer tendered to buy 50,000 tonnes of wheat to boost granaries. Deadline to submit offers is Dec. 18, a rocurement official said.


* Private Turkish buyers bought 3,000 tonnes of Russian wheat for December shipment for $335 a tonne ciffo Marmara.


Copyright Reuters, 2012


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