CBOT wheat slumps on dull demand, technical selling
- CBOT March soft red winter wheat ended 7-1/2 cents lower at $5.70 per bushel.
- K.C. March hard red winter wheat ended down 8-1/2 cents at $5.37 a bushel and MGEX March spring wheat fell 5-1/2 cents to settle at $5.43-1/4.
CHICAGO: Chicago Board of Trade wheat futures retreated on Tuesday, sinking for the third time in four sessions on technical pressure and other selling amid adequate global supplies and sluggish US export demand, traders said.
CBOT March soft red winter wheat ended 7-1/2 cents lower at $5.70 per bushel, its lowest close since Sept. 29. The contract breached chart support at its 100-day moving average and settled below the key technical level.
K.C. March hard red winter wheat ended down 8-1/2 cents at $5.37 a bushel and MGEX March spring wheat fell 5-1/2 cents to settle at $5.43-1/4.
Position-squaring ahead of the US Department of Agriculture's monthly World Agricultural Supply and Demand Estimates report on Thursday that is expected to show an increase in the global wheat stocks forecast.
Forecasts for larger global supplies, including upgraded forecasts for Canadian and Australian crops, have weighed on wheat.
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