Chicago Board of Trade wheat futures were lower on Thursday on improving crop weather in the US and on fund long-liquidation, traders said. Snowfall and/or rain next week in the US Midwest and Plains should provide significant relief from the worst drought in over 50 years, an agricultural meteorologist said on Thursday.
"The storm should include significant snow for parts of the northern and western Midwest and Central Plains and some drought relief again," said Commodity Weather Group meteorologist Joel Widenor. Widenor said the Southern Plains has another chance for more relief from the dryness in the 11 to 15-day outlook extending into late Feruary while wet weather in the Delta could still cause expanding risks for minor flooding by the end of the month. "Cold air at the end of the 10-day forecast period gives a close call to Southern Plains wheat but is not expected to cause damage," Widenor said. USDA on Thursday said export sales of US wheat last week totalled 706,300 tonnes, above estimates for 275,000 to 400,000 tonnes. Algeria's state grains agency OAIC has bought at least 400,000 tonnes of wheat this week in a ender to purchase a nominal 50,000 tonnes, European traders said on Thursday.
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