Wheat futures on the Chicago Board of Trade were lower at midmorning Thursday, retreating from a higher open on disappointing US exports and reminders of increased world plantings, traders said.
As of 10:30 am CST (1630 GMT), March wheat was down 2 cents at $4.64 per bushel, with back months down 3 cents to up 1/2 cent. New-crop December slipped 1-1/2 cents to $5.06. J.P. Morgan sold 200 March contracts, traders said.
The market came under pressure after the US Department of Agriculture said 246,100 tonnes of US wheat were sold for export last week - below trade estimates for 400,000 to 550,000 tonnes.
Also bearish were forecasts from the International Grains Council, which projected world wheat harvested area to rise 3.5 percent in 2007. The IGC pegged world wheat production in 2007 at 621 million tonnes, and it also raised its estimate of the 2006 crop to 589 million tonnes from 587 million previously.
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