Chicago Board of Trade wheat futures sagged to their lowest since February 6 on Tuesday, with the weather outlook in focus for the second straight day as forecasts called for crop-boosting rain in key growing areas of the US Plains. The benchmark CBOT May soft red winter wheat contract closed above session lows, with bargain buyers stepping into the market after prices fell below the low end of the 20-day Bollinger range.
K.C. hard red winter wheat futures, which track the crop grown in the Plains, dropped 1.6 percent. MGEX spring wheat fell 2 percent as the rains will help soil moisture ahead of planting in areas such as North Dakota. MGEX wheat closed at session lows. The Japan's Ministry of Agriculture is seeking to buy a total of 117,689 tonnes of food quality wheat from the United States, Canada and Australia in a regular tender. Closing date is March 23.
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