Soft red winter wheat futures at the Chicago Board of Trade fell on Thursday following news Egypt bought 120,000 tonnes of wheat from France and none from the United States, traders said.
At 10:24 am CDT (1524 GMT), CBOT wheat was down 4-1/2 to 6 cents per bushel, with July down 5-1/2 at $3.39-3/4.
Egypt's GASC, the main wheat buyer, said early Thursday it bought the wheat for shipment in early August and declined to say what price Egypt paid.
Earlier this week, Egypt cancelled a tender for wheat because prices were too high. Some wheat traders had been banking on a sale of US wheat to Egypt after CBOT wheat futures prices fell sharply to eight-month lows on Tuesday.
Technical support in the July contract at $3.41-1/2 per bushel was broken, touching off sell-stops and driving the contract to a session low of $3.39. Resistance was at $3.47-1/2.
Comments
Comments are closed.