US wheat futures were mixed on Wednesday, with Chicago Board of Trade and MGEX prices rising on the liquidation of corn/wheat spreads, while the Kansas City Board of Trade's high-protein contract fell due to profit taking, traders said. Concern about political unrest in Libya also added strength to the wheat market. CBOT May soft red winter wheat ended up 1 cent at $8.11-1/4 per bushel.
Funds bought an estimated net 1,000 CBOT contracts. At the Kansas City Board of Trade, May hard red winter wheat futures were down 2 cents at $9.10 a bushel. MGEX spring wheat futures for May delivery settled up 1 cent at $9.40-1/2 a bushel. Exporters sell 220,000 tonnes US HRW wheat to unknown destinations for delivery this marketing year - USDA.
Traders expecting weekly export sales in range from 900,000 to 1.2 million tonnes, compared with 1.1 million a year ago. Russia may extend its ban on grain exports until the end of the year - deputy prime minister. Dry conditions and occasional strong winds will continue to stress wheat through the western portion of the US Plains during the next 10 days. Late February snow and rain has improved soil moisture levels in China's wheat growing areas. South Korea's KFA seeks 55,000 tonnes feed wheat - trader.
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