CHICAGO: Chicago Board of Trade wheat futures ended lower on Monday on technical selling and positioning ahead of an annual five-session rebalancing period for major commodity index funds, traders said.
* CBOT March soft red winter wheat settled down 1/4 cent at $5.16-3/4 per bushel, snapping a three-session climb that lifted the contract to a one-week high on Friday.
* K.C. March hard red winter wheat ended down 3 cents at $5.03 a bushel and MGEX March spring wheat fell 2-1/4 cents at $5.68.
* Traders expect major commodity index funds to sell CBOT wheat and corn futures while buying soyoil futures as they adjust portfolios during a five-session period that begins Tuesday.
* Market underpinned by a weaker dollar, which tends to make US grains more competitive globally.
* Algeria's state grains agency OAIC issued an international tender to buy a nominal 50,000 tonnes pf milling wheat to be sourced from optional origins, European traders said.
* The US Department of Agriculture reported export inspections of US wheat in the latest week at 260,134 tonnes, below trade expectations for 350,000 to 600,000 tonnes.
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