CBOT wheat closes lower on fund selling

CHICAGO: Chicago Board of Trade wheat futures fell on Friday on selling by investment funds looking to take profits after a week of gains, traders said.

MGEX spring wheat and K.C. hard red winter wheat posted bigger declines as a winter storm provided a much-needed boost to soil moisture across the US Plains, where the crops that those contracts track are grown.

The benchmark CBOT March soft red winter wheat contract dropped 3-3/4 cents to settle at $7.53-1/2 a bushel.

Technical support for CBOT March soft red winter wheat was noted at the contract’s five-day moving averages.

K.C. March hard red winter wheat futures ended down 13-1/2 cents at $8.47 a bushel and MGEX March spring wheat shed 7-3/4 cents to $9.11 a bushel.