Wheat futures on the Chicago Board of Trade were called to open 15 to 20 cents per bushel lower on Thursday in a profit-taking setback from this week's bull run to all-time highs, traders said.
Some outlooks for improved crop weather in Australia added pressure. DTN Meteorlogix said 1/4 to 1 inch of rain fell in southern Queensland in the past day, although key wheat production areas in the south and in western regions remain dry.
Sharp declines in European wheat markets set the tone. Continued export demand could underpin CBOT wheat. The US Department of Agriculture on Thursday said exporters sold 125,000 tonnes of US hard red winter wheat to Morocco for 2007/08.
The overnight e-cbot trend for CBOT SRW wheat was unchanged to down 27 cents per bushel, with December down 15-1/4 at $8.20-1/4, after reaching a contract high at $8.49. Overnight volume was heavy at 15,800 contracts.
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