Chicago Board of Trade (CBOT) wheat futures ended nearly flat on Wednesday, paring gains late in the session as both Kansas City and Minneapolis wheat futures settled in the negative on technical trading, traders said. CBOT July soft red winter wheat settled up 1/4 cent at $4.48-3/4 per bushel. The contract hit a high of $4.64 a bushel in mid-day trading, the highest price since April 15.
K.C. July hard red winter wheat ended down 6-3/4 cents at $4.02 a bushel, after reaching a high of $4.23-1/4 earlier in the session. Meanwhile Minneapolis Grain Exchange July spring wheat futures ended the day down 8 cents at $5.15-1/4 a bushel, after reaching a high of $5.35-1/2 earlier in the session. Wheat futures were pressured by late-session selling in the corn market, traders said.
Corn had posted the biggest advance of the three commodities on a percentage basis earlier in the day, as forecasts called for rains to return to the US Corn Belt this weekend and next week, after a few dry days. But corn also ended the day nearly flat, as funds wrestled with hedging their risks. The wheat market also continued to be pressured by a US Department of Agriculture (USDA) report that showed 64 percent of the US winter wheat crop was in good-to-excellent conditions, which bolstered expectations for a bumper harvest adding to an already ample supply base.
Ahead of the USDA's export sales report on Thursday, analysts expect the government to report weekly US wheat export sales at 150,000 to 600,000 tonnes (old and new crop years combined).
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