Wheat futures on the Chicago Board of Trade fell on Tuesday as traders exited long wheat/short corn spreads, one day after the USDA reported higher-than-expected US wheat stocks and tighter corn stocks, traders said. CBOT May wheat stayed inside of the previous day's trading range, and support held near its 20-day moving average of $6.83-3/4. KC hard red winter wheat and MGEX spring wheat also closed lower but gained relative to CBOT wheat.
Light rains were forecast for the drought-hit southern US Plains this weekend, including part of Texas and Oklahoma, but moisture deficits are expected to persist. Wheat ratings in Kansas, the top-producing state, fell for a third straight week while ratings stabilised in Oklahoma, the USDA said. Japan's Ministry of Agriculture skipped buying food-quality wheat through its regular tender this week due to a custom of not conducting tenders in the first week of the new fiscal year starting April as well as in the first week of a calendar year.
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