Wheat futures on the Chicago Board of Trade fell on Monday, retreating from a short-covering rally last week as traders' focus returned to bearish fundamentals, including ample world wheat supplies and poor export demand. Also, storms developing in the US Plains in the next day are expected to produce heavy snow that should help insulate the crop from low temperatures later this week. CBOT March wheat settled down 4 cents at $4.75-1/4 per bushel but stayed inside of Friday's trading range.
K.C. hard red winter wheat and MGEX spring wheat futures also closed lower, in line with CBOT wheat. Iran banned state imports of wheat for a year starting on March 20, Tasnim news agency reported, ordering officials to stop registering new purchase orders. Egypt's rejection of a shipment of French wheat over the weekend raised doubts about demand from the world's top importer. Egypt said the shipment did not meet strict new import rules banning the ergot fungus.
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