CBOT wheat ends lower on ample supplies, MGEX spring wheat climbs

CHICAGO: Chicago Board of Trade wheat futures closed lower on Wednesday for a fifth straight session on technical selling and pressure from plentiful global and domestic supplies, traders said.

However, MGEX spring wheat futures closed higher on concerns that a blizzard bearing down on South Dakota would further delay spring wheat planting in the region.

CBOT May soft red winter wheat settled down 1-1/2 cents at $4.58 per bushel.

K.C. May hard red winter wheat ended down 1-1/4 cents at $4.26-1/4 while MGEX May spring wheat rose 7-1/4 cents at $5.30-1/4.

Traders are still digesting this week's US Department of Agriculture supply/demand report in which the government raised its estimates of US and global 2018/19 wheat ending stocks more than most analysts had expected.

Ahead of the USDA's weekly export sales report on Thursday, analysts expected the government to report US wheat export sales in the week to April 4 at 400,000 to 700,000 tonnes (old and new crop years combined).

Farming agency FranceAgriMer raised its forecast for French soft wheat exports outside the European Union for the third month in a row, but said optimism in the market was waning after a recent flurry of shipments.