Both Chicago Board of Trade and K.C. wheat futures declined roughly 2 percent on Thursday in technical selling triggered in part by disappointing US wheat export sales and outlooks for US rains, traders said. CBOT wheat was on pace to notch the largest declines before losses in K.C. wheat deepened near the end of the session. MGEX spring wheat eased about 1 percent, with prices comparatively firmer as investors waited to see how many spring wheat acres US farmers would plant in the coming months.
Rains early next week in parts of the southern US Plains should aid soil moisture for some fields, although much of top wheat state Kansas was likely to remain dry. The state buyer for Egypt announced a purchase of 240,000 tonnes of Russian and Romanian wheat early on Thursday. That was more wheat than the United States sold all of last week, when new sales totalled 219,500 tonnes, below expectations, according to US Department of Agriculture data.
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