US wheat futures were mostly lower on Tuesday as traders locked in profits from a rally earlier in the week amid a lack of fresh bullish fundamental news, traders said. High-protein wheat was still in short supply and futures at the Kansas City Board of Trade and MGEX held up better than the Chicago Board of Trade's soft red winter wheat contracts.
Concerns about a winterkill threat in the southern US Plains this week supportive, along with brisk export demand from North Africa and the Middle East limited the declines. Benchmark Chicago Board of Trade March soft red winter wheat contract settled 5 cents lower at $8.35-3/4 a bushel. Funds sold an estimated net 2,000 CBOT wheat contracts.
At the Kansas City Board of Trade, March hard red winter wheat futures dropped 3/4 cent to $9.24 a bushel. MGEX spring wheat futures for March delivery rose 1-1/4 cents to $9.81 a bushel. US wheat shipments to Egypt, the world's largest wheat importer, delayed by turmoil; cargo disruptions choke Egypt ports.
Egypt's GASC says no shipment delays on contracted wheat orders. Exporters buy 2 million tonnes of Australian feed wheat, Chinese buyers negotiating for around 200,000 tonnes. Demand up as prices rise and supplies shrink. Very strong winds and heavy snow will lead to blizzard conditions through the southern and eastern areas of the US Plains hard red winter wheat region on Tuesday. Several grain merchandising locations in Oklahoma and Kansas closed due to heavy, blowing snow and icy conditions.
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