US wheat futures stayed close to unchanged on Thursday as the market consolidated around 4-1/2-month highs in thin volume, traders said. The benchmark Chicago Board of Trade March soft red winter wheat contract ended down 1/2 cent at $7.83 per bushel. New-crop July rose 1/2 to $8.23. Funds sold an estimated net 1,000 contracts.
At the Kansas City Board of Trade, hard red winter wheat futures for March delivery ended up 1/2 cent at $8.45 a bushel. Minneapolis Grains Exchange March spring wheat fell 1/2 cent to $8.69-1/4. Light rain, snow head to US Plains wheat belt. USDA said export sales of US wheat last week totalled 597,000 tonnes, within estimates for 550,000 to 750,000 tonnes. Exporters sell 100,000 tonnes of US hard red winter wheat to Iraq for 2010/11 - USDA. Algeria's state grain buyer purchased at least 200,000 tonnes of durum wheat for shipment in January - European traders.
Tunisia rejected all bids and made no purchases in tenders for 25,000 tonnes of soft milling wheat and 25,000 tonnes of durum - traders. Dry weather continues to threaten winter wheat in the US Plains hard red winter growing region. There is a slight chance for light precipitation on Thursday but this is still a mostly dry weather pattern. Cold temperatures remain in the US soft red winter wheat region of the Midwest but are not expected to harm the dormant wheat crop. Drier weather in Australia aids late wheat harvest over the next five to seven days.
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