CBOT wheat sags as large Canadian crop figure eases supply worries
- CBOT March soft red winter wheat settled down 4 cents at $5.84-1/2 a bushel but stayed inside of Wednesday's trading range.
- Statistics Canada projected total 2020/2021 Canadian wheat production at 35.2 million tonnes.
CHICAGO: Chicago Board of Trade wheat futures fell on Thursday in range-bound trade, pressured by technical selling and reminders of a large Canadian harvest that eased global supply worries, traders said.
CBOT March soft red winter wheat settled down 4 cents at $5.84-1/2 a bushel but stayed inside of Wednesday's trading range.
K.C. March hard red winter wheat ended down 4 cents at $5.49-3/4 a bushel and MGEX March spring wheat fell 2-1/2 cents to settle at $5.53-1/2.
The US Department of Agriculture reported export sales of US corn in the week ended Nov. 26 at 446,400 tonnes, in line with trade expectations for 250,000 to 700,000 tonnes.
Statistics Canada projected total 2020/2021 Canadian wheat production at 35.2 million tonnes, the country's biggest crop in seven years.
The Canadian figures followed news this week of an increased forecast of Australia's wheat harvest and a Russian proposal to expand its grain export quota.
CBOT wheat futures were underpinned by a weaker dollar, which theoretically makes US grains more attractive on the world market.
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