CHICAGO: Wheat futures on the Chicago Board of Trade fell Thursday on forecasts for beneficial rains in the US Plains winter wheat belt and as traders squared positions ahead of a three-day US holiday weekend, analysts said.
CBOT May wheat settled down 3-1/2 cents at $4.29-3/4 per bushel.
K.C. May hard red winter wheat settled down 2-3/4 cents at $4.27-1/4 a bushel and MGEX May spring wheat closed up 1-1/2 cents at $5.30-1/4 per bushel.
Following recent showers in the Plains, some analysts expect the US Department of Agriculture's weekly crop report on Monday to show an improvement in US winter wheat condition ratings.
Traders shrugged off supportive weekly export data. The USDA reported weekly export sales of old-crop US wheat at 421,600 tonnes, toward the high end of trade expectations, and new-crop sales at 125,300 tonnes, in line with expectations.
Markets are closed Friday and trade will resume Sunday at 7 p.m. CDT (0000 GMT).
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