Chicago Board of Trade wheat futures fell Friday on profit-taking after this week's multimonth highs and prospects for better weather in the drought-hit US Plains wheat belt, but still eked out a slight gain for the week. CBOT March wheat settled down 7-1/4 cents at $4.49 per bushel. For the week, the contract rose 2-1/4 cents or 0.5 percent, its fourth straight weekly advance.
K.C. March hard red winter wheat ended down 9 cents Friday at $4.65-1/2 per bushel and MGEX March spring wheat fell 9-1/2 cents to $6.03-1/2. Some forecasts called for a chance of much-needed moisture in the dry southern Plains hard winter wheat belt late next week.
Snow fell in parts of the US Midwest soft winter wheat belt this week, helping to insulate the dormant crop. Egypt's state grain buyer GASC bought 240,000 tonnes of Russian wheat and 120,000 tonnes of Romanian wheat at an international purchase tender. No US wheat was offered. Traders were digesting Thursday's monthly US Department of Agriculture supply/demand report, in which the government lowered its forecast of US wheat exports for the 2017/18 marketing year.
Comments
Comments are closed for this article.