CBOT, K.C. wheat weaken after rally; MGEX firm
- Technical support for the benchmark Chicago Board of Trade March soft red winter wheat contract was noted at its 50-day moving average.
- Gains in corn lent support to wheat prices.
CHICAGO: Chicago Board of Trade soft red winter wheat futures and K.C. hard red winter wheat futures eased on Friday, with the market in consolidation mode after rallying on Thursday, traders said.
MGEX spring wheat firmed slightly but settled off its session peak after hitting its highest since Oct. 26.
Technical support for the benchmark Chicago Board of Trade March soft red winter wheat contract was noted at its 50-day moving average.
Gains in corn lent support to wheat prices.
Hopes for rising export demand also underpinned the market amid concerns about shipments from the Black Sea region.
Ukraine's grain exports have fallen almost 16% to 23.87 million tonnes, including 12.21 million tonnes of wheat, so far this season that runs from July 2020 to June 2021, economy ministry data showed on Friday.
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