Markets

CBOT wheat ends lower on technical selling ahead of USDA data

CHICAGO: Chicago Board of Trade wheat futures declined on Monday on technical selling a day ahead of a monthly supply/

Published April 8, 2019 Updated April 8, 2019 07:49pm

1 min

By Imad Uddin Reuters

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CHICAGO: Chicago Board of Trade wheat futures declined on Monday on technical selling a day ahead of a monthly supply/demand report from the U.S. Department of Agriculture, traders said.

CBOT May soft red winter wheat unofficially ended down 4 cents at $4.63-3/4 per bushel.

K.C. May hard red winter wheat unofficially ended down 1 cent at $4.30-1/4 a bushel.

Minneapolis Grain Exchange May spring wheat settled up 1-1/2 cents at $5.24 a bushel while back months ended flat to lower.

Deferred spring wheat contracts fell to contract lows, pressured by plentiful old-crop supplies and expectations that Canadian farmers will switch some acres intended for canola to spring wheat instead.

Ahead of the USDA's weekly crop progress report due later on Monday, analysts surveyed by Reuters on average expected the government to rate 56% of the U.S. winter wheat crop in good to excellent condition, unchanged from the previous week.

Analysts on average expected the USDA to report the U.S. spring wheat crop as 3% planted.

The USDA reported export inspections of U.S. wheat in the latest week at 538,808 tonnes, in line with trade expectations for 300,000 to 600,000 tonnes.

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