Chicago Board of Trade wheat extended losses to a more than two-week low on Thursday, weighed down by technical selling and as the dollar gained, traders said. The dollar hit a roughly two-week high against a basket of currencies, making US goods more expensive in some export markets.
CBOT wheat saw larger declines than K.C. hard red winter wheat futures while MGEX spring futures were only narrowly lower, declining for the first time in three sessions. Follow-through selling in CBOT wheat was noted in the wake of the US Department of Agriculture's monthly outlook on Wednesday for US wheat ending stocks of 1.143 billion bushels, which was in line with analyst estimates but up 5 million bushels from the October forecast. USDA early on Thursday said wheat weekly export sales of 769,581 tonnes were biggest since June and sharply above analyst estimates for 300,000 to 500,000 tonnes.