US wheat futures fell on Tuesday, setting back from one-month highs amid continued pressure from abundant stocks around the globe. Trading was choppy throughout the day as expectations for heavy fund buying as part of portfolio rebalancing added support. The benchmark Chicago Board of Trade March soft red winter wheat contract closed down 4-3/4 cents at $5.53 a bushel.
Funds sold 2,000 lots. Kansas City Board of Trade March hard red winter wheat ranged from $5.44-1/4 to $5.53-1/2 before ending down 4 cents a bushel at $5.46-3/4. Minneapolis Grain Exchange spring wheat for March delivery fell 4-3/4 cents to $5.56-1/4 a bushel.
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