CHICAGO: Chicago Board of Trade (CBOT) wheat futures fell for a second straight session on Tuesday on technical selling and spillover pressure from sharply lower corn and soybeans, traders said.
* CBOT March soft red winter wheat settled down 3-1/4 cents at $5.11 per bushel. The contract struggled to rise through chart resistance at key technical levels, including the 20- and 50-day moving averages.
* K.C. March hard red winter wheat ended down 3-1/2 cents at $4.95-1/2 a bushel while MGEX March spring wheat fell 3-1/2 cents to $5.62 a bushel.
* Concerns about trade talks between the United States and China weighed on grains. US Senator Chuck Grassley said Tuesday that the US Trade Representative did not see any progress made on structural issues during trade talks with China last week.
* A firmer dollar, which makes US shipments more expensive to those holding other currencies, also weighed on wheat.
* Losses were limited by worries that recent snowfall in the US Plains was not expansive enough to protect some crops ahead of a cold snap.
* Traders continue to watch for any wheat demand from China following promises by Beijing to purchase "a significant amount" of US agricultural goods and other products.
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