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Wheat futures on the Chicago Board of Trade closed lower Thursday on technical selling and weak export demand for US supplies amid softening prices for grain of other origins, traders said. In Europe, March milling wheat on Paris-based Euronext fell 1.2 percent to 166.25 euros a tonne after hitting a contract low at 165.50 euros.
CBOT wheat struggled after Wednesday's weak close, which included a retreat in the March contract from a three-week high. The contract dropped below its 20-day moving average on Thursday. K.C. hard red winter and MGEX spring wheat futures also closed lower. USDA reported export sales of US wheat in the week ended January 7 at 274,600 tonnes for old crop and 16,000 tonnes for new crop, in line with trade expectations for 150,000 to 350,000 tonnes.
Argentina's Rosario grains exchange on Wednesday left its estimate of the country's 2015-16 wheat crop unchanged at 9.6 million tonnes. CBOT wheat underpinned by smaller-than-expected US winter wheat seedings reported by the USDA on Tuesday and a large net short position already held by commodity funds.

Copyright Reuters, 2016

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