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US wheat futures closed mostly lower on Wednesday on weak export demand for high-priced US wheat amid plentiful global supplies, traders said. Also bearish were forecasts for rains late this week in the southern Plains that could benefit crops in a few areas, and seasonal pressure as the Winter wheat harvest approaches.
Chicago Board of Trade July wheat fell for a 10th session out of the last 11, but stayed above its two-month low set on Monday. K.C. July hard red winter wheat settled below its 50-day moving average for a fourth straight session, but held above a three-week low set on Monday. MGEX spring wheat bucked the weak trend and ended steady to fractionally higher on a slow planting pace in the northern US Plains and Canadian Prairies.
Manitoba's weekly crop report said seeding progress in the Canadian province ranged from 5 to 40 percent complete, with wet conditions slowing fieldwork in some areas. The European Union is on course to harvest its largest wheat crop since 2008, totalling 137.5 million tonnes, a Reuters analyst poll showed. Iraq's state grains board bought 150,000 tonnes of hard wheat to be sourced from Russia in a tender.

Copyright Reuters, 2014

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