Chicago Board of Trade wheat futures fell to six-week lows on Friday while K.C. hard wheat futures hit their lowest in nearly five years on technical selling and amid ample world supplies, traders said. MGEX spring wheat futures followed the weaker trend as front-month K.C. wheat fell to $5.00-3/4, the lowest spot price since July 2010.
Spillover weakness from corn added pressure. Ample world supplies and strong competition for export business continued to anchor the market. Technical selling accelerated as CBOT May wheat fell below last week's low of $4.89 a bushel and as K.C. May fell below Thursday's contract low of $5.05-1/2.
Beneficial rains are expected in the southern Plains hard red wheat belt on Monday, potentially reducing dry areas, the Commodity Weather Group said. Traders are monitoring the impact of frost this week in the Plains and Midwest, although no widespread damage was expected.
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