CBOT wheat weakens to five-month low on coronavirus fears

• The benchmark CBOT May soft red winter wheat contract found technical support at the low end of its 20-day Bollinger range, closing above its session lows.
• The US Agriculture Department on Monday morning said that export inspections of wheat totaled 449,653 tonnes in the week ended March 12.

CHICAGO: Chicago Board of Trade soft red winter wheat futures Monday dropped 1.6pc to a five-month low on Monday, caught up in the global markets sell-off sparked by the coronavirus pandemic.

* K.C. hard red winter wheat futures hit a four-month low but MGEX spring wheat futures firmed. Traders said that investment funds were unwinding their long hard red winter wheat/short spring wheat spreads.

* The benchmark CBOT May soft red winter wheat contract found technical support at the low end of its 20-day Bollinger range, closing above its session lows.

* The US Agriculture Department on Monday morning said that export inspections of wheat totaled 449,653 tonnes in the week ended March 12, down from 459,400 in the prior week. Analysts' forecasts for the weekly total ranged from 350,000 tonnes to 600,000 tonnes.