CHICAGO: Chicago Board of Trade wheat futures fell to contract lows Tuesday on technical selling and a reminder of plentiful global supplies after the US Department of Agriculture raised its forecast of already record-high global wheat stocks for the 2017-18 marketing year.
CBOT March wheat settled down 2-3/4 cents at $4.10-3/4 a bushel after dipping to a contract low of $4.10-1/2.
K.C. March hard red winter wheat ended down 1-1/2 cents at $4.11-1/4 a bushel while MGEX March spring wheat fell 3-1/4 cents at $6.05-1/2.
The USDA in a monthly supply/demand report projected global wheat ending stocks for 2017-18 at a record-high 268.4 million tonnes, above an average of trade expectations.
The USDA raised its forecast of US 2017/18 wheat ending stocks to 960 million bushels, at the high end of trade estimates, reflecting a reduction in the government's export forecast.
Traders shrugged at USDA confirmation that private exporters sold 120,000 tonnes of US hard red winter wheat to Algeria.
Egypt's main state grain buyer purchased 295,000 tonnes of Russian and Romanian wheat in a tender, traders said. No US wheat was offered.
Moroccan grains agency ONICL issued a tender to import 363,636 tonnes of soft wheat and 336,364 tonnes of durum wheat from the United States under an annual preferential-tariff quota.
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