Wheat futures on the Chicago Board of Trade fell on Thursday on technical selling and plentiful old-crop US and global supplies, traders said. CBOT March wheat settled down 3-1/4 cents at $4.38 per bushel. K.C. March hard red winter wheat ended unchanged at $4.57-3/4 a bushel, while MGEX March spring wheat rose 1-1/4 cents at $5.44.
Argentina will likely harvest a record-large 18.3 million tonnes of wheat from the 2016/17 crop, Agriculture Minister Ricardo Buryaile said. The USDA currently forecasts Argentina's crop at 15 million tonnes. Market underpinned by worries about forecasts for mostly dry weather for the next two weeks in the southern US Plains winter wheat belt.
The USDA at its annual outlook forum projected US total wheat plantings for 2017 harvest at 46.0 million acres, below an average of trade expectations in a Reuters poll for 46.85 million. Syria's state grain buyer has signed contracts with local traders for the delivery of 1.2 million tonnes of Russian wheat, a government source close to the deal told Reuters.
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