CBOT wheat drops on technical selling, plentiful supplies

CHICAGO: US wheat futures closed lower on Monday, retreating from early gains amid technical sales and ample supplies, traders said.

The benchmark Chicago Board of Trade September soft red winter wheat contract hit resistance at its 40-day moving average, a level it has not traded above since June 21.

The market shrugged off a better-than-expected export inspections report.

The US Agriculture Department said that 625,154 tonnes of wheat were inspected for export in the latest week, up from 407,212 tonnes last week. Analysts' forecasts ranged from 400,000 to 600,000 tonnes.