US wheat futures closed mostly lower on Thursday as traders locked in profits following a rally early in the trading session amid plentiful supplies and weak global demand. Winter wheat futures at the Chicago Board of Trade and the Kansas City Board of Trade turned lower in afternoon trading after soybean futures fell from peaks reached early in the session.
Spring wheat futures settled higher at the Minneapolis Grain Exchange as cool and wet weather raised concerns about production cuts in the US crop. CBOT July wheat settled down 1-1/4 cents at $5.94-3/4 a bushel. Funds sold 3,000 lots. The KCBT July contract closed down 3-1/2 cents at $6.44-1/2 a bushel.
MGE spring wheat for July delivery rose 7-1/2 cents to $7.34 a bushel. USDA said net export sales of US wheat last week at 353,900 tonnes for the 2009/10 marketing year, above estimates for 200,000 to 300,000 tonnes. The total sales for 2009/10 were 984,700 tonnes, which included 630,700 tonnes carried over from the old-crop (2008/09) marketing year.
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