CBOT wheat futures weaker

CHICAGO: US wheat futures dropped for the third day in a row on Thursday on a technical setback after firming early in the session.

The benchmark CBOT March soft red winter wheat contract hit resistance at its five-day moving average before falling below its 40-day moving average.

Concerns about extreme cold damaging dormant crops in the US Plains and Midwest underpinned the market, limiting the declines.

Weekly export sales of wheat totaled 635,400 tonnes, the US Agriculture Department said. That topped trade expectations which ranged from 200,000 to 450,000 tonnes. Jordan’s state grain buyer is tendering to buy 120,000 tonnes of milling wheat sourced from optional origins, European traders said.