Chicago Board of Trade (CBOT) wheat futures dropped to a one-month low on Thursday on concerns about large harvests in exporting countries, traders said. CBOT May soft red winter wheat settled 2-3/4 cents weaker at $4.44-1/4 per bushel. The contract touched its lowest point since March 12. K.C. May hard red winter wheat closed 1/2-cent lower at $4.20 a bushel. MGEX May spring wheat dropped 4-1/4 cents to $5.23-1/4.
Wheat futures face pressure from hefty supplies and competition for export business on the global market. Traders expect stiff competition from Russia, the world's largest wheat exporter. The US Department of Agriculture reported export sales of US wheat in the week ended April 11 were 545,500 tonnes, in line with trade expectations.
The United States won a World Trade Organization (WTO) ruling on Thursday against China's use of tariff-rate quotas for rice, wheat and corn, which it successfully argued limited market access for US grain exports. CBOT grain markets are closed on Friday for Good Friday.