CBOT wheat drops in technical selling, profit-taking setback

CHICAGO: Chicago Board of Trade wheat futures fell for the first time in six sessions on Thursday on technical selling and profit-taking after posting three-week highs earlier this week, traders said.

* CBOT March soft red winter wheat settled down 6-1/4 cents at $5.13-3/4 per bushel. The contract breached chart support at its 20- and 50-day moving averages.

* K.C. March hard red winter wheat ended down 6-3/4 cents at $4.98-3/4 a bushel while MGEX March spring wheat fell 6-1/2 cents to $5.64 a bushel.

* Continued export competition from Russia weighed on prices after Egypt purchased solely Russian grain in a snap tender a day earlier.