US wheat futures closed lower on Thursday as the dollar turned higher and on technical selling including profit-taking after the previous day's rally. Declines in corn added pressure. CBOT December down 14-1/4 cents at $6.68-3/4 per bushel. Funds sold 2,000 to 3,000 contracts.
Volume more than 45,000, below 30-day average over 71,000. KCBT December down 13-1/2 cents at $7.16-1/2; MGEX December down 15-1/4 at $7.28-1/2. USDA's weekly report showed export sales of US wheat last week at 574,000 tonnes, above estimates for 450,000 to 550,000. Showers over the next week in the US Midwest and rainfall in the US Plains will boost the winter wheat crop. Dry weather had been causing concern about a slow start for the 2011 winter wheat crop. Argentina hikes wheat harvest forecast on rains.
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