US wheat futures closed lower on Friday as traders locked in profits following Thursday's rally. Forecasts for much-needed rain in the dry US Plains region also contributed to the downturn. Trading was choppy, as the market fluctuated between negative and positive territory several times. A rally in the soyabean market and fears about poor conditions causing damage to China's wheat crop added support.
The Chicago Board of Trade March wheat futures contract closed down 4-3/4 cents at $5.57 a bushel after trading as high as $5.70-1/2 earlier in the session. CBOT wheat for May delivery dropped 4-3/4 cents to $5.70 a bushel. Funds were even. Kansas City Board of Trade soft red futures fell due to forecasts for improving winter wheat conditions in the Plains. KCBT March closed down 3-1/2 cents at $5.86-1/2 a bushel, and May settled down 3-1/4 cents at $5.97-1/2.
Minneapolis Grain Exchange spring wheat for March delivery fell 1 cent to $6.54-3/4 a bushel. MGE May wheat was down 1 cent at $6.41 a bushel. Spring wheat contracts were in a battle for acres with corn and soyabeans due to the upcoming planting season, which also added support to Minneapolis prices.
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