Chicago Board of Trade wheat futures fell on Monday on technical selling and profit-taking after the benchmark March contract hit a six-month high on Friday, traders said. CBOT March soft red winter wheat settled down 2-1/4 cents at $5.62-1/4 per bushel, retreating from Friday's six-month top of $5.68-1/2.
K.C. March hard red winter wheat ended down 2 cents at $4.92-3/4 a bushel and MGEX March spring wheat fell 3 cents to finish at %5.55-1/4. Rising global cash wheat prices lent underlying support.
The US Department of Agriculture reported export inspections of US wheat in the latest week at 473,960 tonnes, in line with trade expectations for 300,000 to 500,000 tonnes. The market is still digesting the USDA's estimate for US winter wheat seedings for the harvest in 2020 of 30.804 million acres, roughly in line with trade expectations but still the fewest since 1909.
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