02082016Mon
Last update: Mon, 08 Feb 2016 03pm

CBOT wheat futures fall

Wheat futures on the Chicago Board of Trade fell on Wednesday on end-year technical selling and strong global competition for export business, traders said. CBOT wheat finished 2014 down roughly 2.5 percent, falling for a second straight year on rising world supplies of the food grain. The market pared losses in the last quarter of the year amid uncertainty over whether Russia would curb grain exports.

K.C. hard red winter wheat and MGEX spring wheat each fell about 2 percent for the year. CBOT March wheat hit a two-week low on Wednesday, falling below psychological support at $6 a bushel. Losses in K.C. wheat were limited by concern about frigid weather in the Plains. Overnight lows were cold enough to cause spotty winterkill in parts of Nebraska, Colorado and northern Kansas, MDA Weather Services said in a daily note, but the firm said no major crop losses were likely. CBOT grain and oilseed markets will be closed Thursday for New Year's Day, with electronic and pit trade resuming Friday at 8:30 am CST/1430 GMT.

Copyright Reuters, 2015