US wheat futures ended mixed on Monday, with the most-active Chicago Board of Trade soft red winter wheat and MGEX spring wheat contracts closing lower on signs of poor export demand for US supplies, traders said. K.C. hard red winter wheat futures ended in positive territory.
Wheat was caught up in a broad-based commodities selloff stemming from concerns about the spread of coronavirus in China. But short covering and technical buying pulled the market from its lows. The benchmark Chicago Board of Trade March soft red winter wheat contract found support as it neared its 30-day moving average, a level it has not traded below since December 12.
Technical support also was noted at 38.2% retracement point on a Fibonacci chart tracking the March contract's recent rally to its highest level since October 2018. The US Agriculture Department on Monday said export inspections of wheat totaled 223,994 tonnes in the week ended Jan. 23, down from 516,309 tonnes a week earlier. Analysts' forecasts for the weekly total ranged from 400,000 tonnes to 600,000 tonnes.
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