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US wheat fell for the second straight day on Thursday after benchmark Paris futures hit a contract low, pressured by technical selling, ample global supplies and lacklustre export demand for shipments out of the United States. Chicago Board of Trade wheat futures extended declines after Euronext March milling wheat tumbled to a contract low of 166.25 euros a tonne. CBOT corn and soyabean futures each were narrowly lower, trading largely within the ranges established in recent days.
CBOT March wheat was down 9-3/4 cents, or nearly 2 percent, at $4.68-1/4 per bushel as of 10:40 a.m. (1640 GMT), after hitting a 2-1/2 week high in the previous session. Prices rose earlier this week after the US Department of Agriculture surprised investors with its forecast for the second lowest US winter wheat plantings since 1913. However, USDA also said Russia this year will overtake the United States as the world's top wheat exporter for the first time in the agency's records going back to 1960.
Chicago wheat also failed to surpass the session highs reached early on Tuesday, sparking a wave of technical selling. The market remained volatile, and prone to possible short covering, as regulatory data showed speculative investors with a record net short, or bearish, position. CBOT soyabeans for March delivery touched a one-month high after the release at mid-morning of USDA's weekly export sales showing soyabean sales of 1.3 million tonnes last week, the largest volumes in three weeks, largely to top importer China. But soya prices eased after hitting resistance at their 100-day moving average. CBOT March soya was down 2-1/4 cents at $8.77-3/4 per bushel while CBOT March corn edged 1/4 cent lower to $3.57-3/4.

Copyright Reuters, 2016

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