US wheat futures settled close to unchanged on Wednesday as the market grappled with a weakening dollar that boosted chances for exports and seasonal harvest pressure amid plentiful global supplies. Wheat prices traded in both negative and positive territory during the trading session.
The benchmark Chicago Board of Trade July soft red winter wheat futures contract settled up 1/4 cent at $5.66 a bushel. Funds bought 1,000 lots. CBOT wheat prices had fallen early in the trading day but the July contract found support around its 100-day moving average of $5.66. Kansas City Board of Trade July hard red winter wheat dropped 1/4 cent to $6.22-3/4 a bushel.
Minneapolis Grain Exchange spring wheat for July delivery fell 1/2 cent to $7.11-1/4 a bushel. Egypt said it wanted to buy cargoes of 30,000 to 60,000 tonnes of optional-origin wheat for shipment July 11-20. Drier weather in the central and southern Plains should allow farmers to make progress in winter wheat harvest. Hard-luck harvest hits many US wheat farmers.
Argentina's 2009/10 wheat area is seen falling to 2.96 million hectares from the 3.2 million hectares forecast a week ago - Buenos Aires Grains Exchange. Suspicions that a cargo of Russian wheat may have carried false quality documents unlikely to cost Russia its place as top exporter to Egypt analysts. Romania's wheat crop is likely to halve to 3.5 million to 4 million tonnes this year due to prolonged drought, after a four-year high harvest in 2008, the country's biggest farmers' group said on Wednesday.
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