Chicago Board of Trade soft red winter wheat futures fell on Tuesday, breaking a streak of five straight higher closes on technical selling, traders said. MGEX spring wheat and K.C. hard red winter wheat also closed lower. Signs that the recent rally was dampening export demand added to the bearish tone and a firm dollar added pressure.
The benchmark CBOT March soft red winter wheat contract faced technical resistance at its 200-day moving average as well as the high end of its 20-day Bollinger range. Jordanian state-owned firm Jordan Silos & Supply General Company has made no purchase in an international tender for up to 25,000 tonnes of hard milling wheat which closed on Tuesday, European traders said. Algeria's state grains agency OAIC has issued international tenders to purchase a nominal 50,000 tonnes of durum wheat. Traders said that supplies from Mexico or Australia were likely to be offered in the tender.
Comments
Comments are closed for this article.