CHICAGO: Chicago Board of Trade wheat futures fell Wednesday and closed below psychological support at the $5-a-bushel mark for the first time in three weeks, pressured by ample world supplies and strong competition for export business.
K.C. hard red winter wheat futures set contract lows, with the spot month hitting its lowest on a continuous basis since July 2010. MGEX spring wheat followed the weak trend, with back months setting contract lows.
The dollar softened a bit but remained near an 11-year high, making US grain less attractive on the world market.
Forecasts call for "widespread" snow in the US Plains and Midwest this weekend and early next week that should help recharge soil moisture for winter wheat, the Commodity Weather Group said.
Market underpinned by expectations of no deliveries of CBOT wheat on first notice day on Friday.
USDA said private exporters sold 120,000 tonnes of hard red winter (HRW) wheat to Egypt for delivery in 2014/15. The sale appeared to have been part of a purchase of 290,000 tonnes of US HRW wheat announced on Tuesday by Egypt's main state grain buyer.
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