Chicago Board of Trade wheat futures fell 3.3 percent to their lowest since February 5 on Friday, with poor export demand for US supplies pressuring prices, traders said. Wheat closeted near session lows, a bearish sign for next week's trading.
The market was still focused on Egypt's decision earlier this week to back out of plans to buy US wheat because of high prices and then booking deals for supplies from France and Romania, a trader said. Additionally, Morocco's grain agency said it had bought 363,500 tonnes of soft wheat from the European Union. The agency added that it received no offers in a tender to buy 360,000 tonnes of US soft wheat and 306,000 tonnes of US durum.
For the week, the front-month CBOT soft red winter wheat contract dropped 4.3 percent. MGEX spring wheat was 3.5 percent lower and K.C. hard red winter wheat shed 5.4 percent. The US Agriculture Department said on Friday morning that weekly export sales of wheat were 305,400 tonnes, near the low end of market expectations for 300,000 to 500,000 tonnes.
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