CBOT wheat futures slide for third session on spillover pressure from corn, soy market

CHICAGO: Chicago Board of Trade (CBOT) wheat futures ended lower for a third session in a row, falling on spillover pressure from corn and soybeans contracts on Thursday, traders said.

* CBOT September soft red winter wheat settled down 11-1/2 cents at $4.75-3/4 per bushel.

* K.C. September hard red winter wheat ended 7 cents lower at $4.15-3/4 a bushel, and MGEX September spring wheat  lost 1 cent to close at $5.18-1/2 a bushel.

* Wheat started the day down on technical selling, after the benchmark CBOT September soft red winter wheat contract hit resistance at its 100-day moving average during the overnight trading session.

* The US Agriculture Department said weekly export sales of wheat totaled 383,000 tonnes, in line with forecasts for 300,000 tonnes to 600,000 tonnes.

* The US Department of Agriculture said earlier this week that 75% of the US winter wheat harvest was complete, up from 69% a week earlier.

* Cash bids for hard red winter wheat were steady to firm in the truck and rail markets on Thursday, with dealers across the southern US Plains bumping bids to spark farmers' interest in booking new sales, grain dealers said. But weakness in the futures market pulled cash prices lower, despite the basis gains.