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CBOT wheat ends lower on technical selling, dollar strength

CBOT wheat ends lower on technical selling, dollar strengthCHICAGO: Chicago Board of Trade wheat futures fell on Wednesday on technical selling in low-volume trade, with a firmer dollar lending pressure by making US grains less competitive globally, traders said.

CBOT December soft red winter wheat settled down 6 cents at $5.17-1/2 per bushel.

Follow-through selling noted a day after CBOT December wheat climbed to a two-week high, only to close lower.

Total volume in all CBOT wheat contracts was estimated at just over 55,000 contracts, which if confirmed would be the lowest daily total since December 2017.

K.C. December hard red winter wheat ended down 7 cents at $5.21 a bushel and MGEX December spring wheat fell 8 cents at $5.88-1/4.

Ahead of the US Department of Agriculture’s weekly export sales report on Thursday, analysts expected the government to show weekly wheat sales at 300,000 to 600,000 tonnes.

Copyright Reuters, 2018

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Source: Brecorder

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