CHICAGO: Chicago Board of Trade (CBOT) wheat futures fell on Monday on technical selling and as top supplier Russia held its export outlook unchanged despite expectations for reduced shipments, traders said.
* CBOT March soft red winter wheat settled down 5-1/4 cents at $5.14-1/4 per bushel. The contract broke through chart resistance at its 20-, 30-, 40- and 50-day moving averages and closed at its 10-day moving average.
* K.C. March hard red winter wheat ended down 5-1/2 cents at $4.99 a bushel while MGEX March spring wheat fell 4-1/2 cents to $5.65-1/2 a bushel.
* Russia's agriculture ministry on Monday confirmed its grain export forecast of 42 million tonnes for the 2018-19 season. Some traders have been expecting an export reduction.
* Favorable weekend snowfall in the US Plains weighed on prices. The snow may provide dormant crops a protective cover from harshly cold temperatures.
* Traders are watching for any wheat demand from China following promises by Beijing to purchase "a significant amount" of US agricultural goods and other products.
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