Chicago Board of Trade wheat futures settled lower on Monday on technical selling and sluggish export demand for US supplies, traders said. CBOT May soft red winter wheat settled down 5-1/2 cents at $4.56-3/4 per bushel. K.C. May hard red winter wheat ended down 6-1/2 cents at $4.36-1/2 a bushel but MGEX May spring wheat rose 6 cents to end at $5.60-3/4 a bushel.
The US Department of Agriculture reported export inspections of US wheat in the latest week at 353,727 tonnes, below a range of trade expectations and down from 611,955 tonnes the previous week. MGEX May spring wheat supported by news that Ethiopia was seeking 400,000 tonnes of milling wheat.
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