Chicago Board of Trade wheat futures fell on Thursday for a fourth straight session, with the May contract hitting a one-week low on forecasts for beneficial rains in the US Plains and disappointing weekly US export sales, traders said. CBOT May wheat settled down 6 cents at $4.57 a bushel after dipping to $4.56-3/4, its lowest since March 31.
MGEX spring wheat also dropped and K.C. hard red winter wheat futures posted larger declines in the three US markets, with the May contract setting a one-month low. The US Department of Agriculture's weekly export sales report showed net cancellations of old-crop US wheat totaling 58,100 tonnes in the week to March 31 and net new-crop sales of 159,300 tonnes.
Analysts had expected old-crop net sales of 150,000 to 350,000 tonnes and new-crop sales of 50,000 to 150,000 tonnes. Egypt's state grain buyer, the General Authority for Supply Commodities, bought 60,000 tonnes of French wheat in a tender. No US wheat was offered.
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