Hard red winter wheat futures fell 2.2 percent at the Kansas City Board of Trade on Friday as traders locked in profits from Thursday's rally. Many traders did not want to maintain their long exposure over the weekend due to bearish fundamentals that have been overhanging the market for the past few months.
Kansas City Board of Trade September hard red winter wheat fell 12-1/2 cents to $5.49 a bushel. Export demand for US wheat remains sluggish as prices were higher than supplies from other wheat-producing countries, traders said. Good growing weather in the northern Plains pressured spring wheat futures. Satisfactory weather for harvesting the US winter wheat crop and favourable weather for crop development in key spring wheat, state of North Dakota.
Rain is needed in Montana's spring wheat areas. Dry weather a concern for wheat in west Kazakh to the south Urals. USDA will end field surveys of durum, spring wheat. Canada Wheat Board lowers 2009/10 forecast returns. Brazil's Parana could reap record wheat crop.
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