US wheat futures fall to new contract lows on sluggish US exports

CHICAGO: Chicago Board of Trade wheat futures soured on Tuesday as US wheat sellers failed to nab any export sales and traders waited impatiently for news on the latest of talks on the US-China trade war.

* Most CBOT wheat futures contracts - including most active May - fell to new contract lows on Tuesday, while K.C. wheat futures contracts all fell to new lows across the board.

* Grain traders said they were monitoring bearish technical signals, as well as falling prices in the global cash wheat market.

* Chicago Board of Trade's March soft red winter wheat settled down 14-1/2 cents from Friday, closing at $4.89-3/4 per bushel. Earlier in the day, the contract's price fell to a low of $4.88-1/2 per bushel, the lowest since Jan. 17, 2018.

* Markets were closed on Monday for Presidents Day, a US holiday.

* K.C. March hard red winter wheat ended down 15-3/4 cents at $4.60-3/4 a bushel, while MGEX March spring wheat fell 17-1/2 cents to $5.55-1/2 a bushel.

* Syria's General Establishment for Cereal Processing and Trade (Hoboob) bought 200,000 tonnes of Black Sea origin wheat in its latest international purchasing tender, a government source said.

* Trading house Agrocorp secured a tender to supply 50,000 tonnes of wheat to Bangladesh, and is expected to draw grain from Russia to fulfill the deal, according to officials with the state grains buyer.

* The US Department of Agriculture reported export inspections of US wheat in the latest week at 357,131 tonnes, below a range of trade expectations for 425,000 to 650,000 tonnes.