CHICAGO: Wheat futures on the Chicago Board of Trade fell on Thursday on profit-taking and ample supplies, with the spot December contract giving back nearly all of the previous day's 2.4 percent rally, traders said.
CBOT December wheat settled down 9-1/4 cents at $3.95-3/4 per bushel.
Commodity funds hold a massive net short position in CBOT wheat that leaves the market vulnerable to bouts of short-covering, despite a bearish fundamental outlook tied to plentiful global supplies.
K.C. December hard red winter wheat closed down 10 cents at $4.05 a bushel.
But MGEX December spring wheat edged higher, ending up 1/4 cent at $5.24-3/4, supported by fears of tightening supplies of top-quality milling wheat.
The US Agriculture Department reported export sales of US wheat in the latest week at 377,000 tonnes, down from 570,785 tonnes a week earlier and below a range of trade expectations for 400,000 and 650,000 tonnes.
Russia's grain crop may exceed 116 million tonnes by clean weight this year if weather conditions are good, a senior official at the Agriculture Ministry said. Russia's grain crop this year has so far weighed in at 112 million tonnes.
Comments
Comments are closed for this article.