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CBOT wheat drops 2.5pc, nears six-month low

wheat-productionCHICAGO: Chicago Board of Trade wheat futures fell 2.5 percent to their lowest level in nearly six months on Wednesday due to technical selling and poor export demand, traders said.


* Early selling accelerated as the Chicago Board of Trade March soft red winter wheat contract dropped below last week's low of $7.82-1/2 per bushel.


* Kansas City Board of Trade hard red winter wheat futures and MGEX spring wheat also fell, hitting their lowest levels since early July.


* CBOT March found some support around $7.75-5/8, which is the 61.8 percent Fibonacci retracement level from the contract's summer high of $9.48-1/4 a bushel, but prices failed to close above that key technical level.


* The US Agriculture Department said on Wednesday weekly export inspections of wheat were 15.128 million bushels, down from 16.639 million a week ago and in line with forecasts for 12 million to 17 million.


* India raised its 2013 wheat export limit by 500,000 tonnes on hopes for a bumper harvest. The government said it would pay farmers 5.1 percent more for purchases of the grain.


Center>Copyright Reuters, 2012


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