CHICAGO: US wheat futures fell on Wednesday, erasing early gains as the dollar turned higher and prompted selling from investors nervous about holding long positions amid an ample global supply situation, traders said.
* The benchmark Chicago Board of Trade March soft red winter wheat contract fell below a key technical support level at its 50-day moving average for the first time in three weeks.
* Light precipitation in the form of rain and snow expected in the US Southern Plains hard red winter wheat region over the next week to 10 days. No signs of a threat to the crop from cold weather, said Drew Lerner, meteorologist for World Weather Inc.
* Saudi Arabia announced a tender to buy 330,000 tons of hard wheat for shipment in May and June.
* Ukraine has no plans to curb exports of grain despite risks of crop-loss due to adverse winter weather, Agriculture Minister Mykola Prysyazhnyuk said.
* Analysts expecting weekly US Agriculture Department report on Thursday morning to show export sales of wheat in range from 450,000 to 650,000 tonnes compared to 707,800 tonnes last week.
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