Chicago Board of Trade wheat futures declined on Thursday on technical selling and profit-taking after the benchmark July contract reached a two-week high above $5 a bushel. CBOT July soft red winter wheat settled down 9-1/2 cents at $4.89-1/2 per bushel, turning lower after reaching $5.04-1/4 in early moves.
K.C. July hard red winter wheat ended down 5-1/2 cents at $5.21 a bushel and MGEX July spring wheat fell 2-1/2 cents to $6.04. Background pressure was noted from rainfall in the southern US Plains winter wheat belt.
MGEX spring wheat drew underlying support from cold soil temperatures that are delaying planting in the northern Plains. Traders shrugged off supportive weekly export data. The US Agriculture Department reported wheat export sales at 577,900 tonnes (old and new crop years combined), above the high end of market expectations.
The International Grains Council trimmed its forecast for world 2018/19 wheat production by 2 million tonnes, to 739 million tonnes.
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