US wheat futures lower on technical selloff

US wheat futures eased on Monday, reversing earlier gains in a technical selloff tied to abundant global supplies, traders said. Wheat gained in the overnight session, prompted by worries that bitter cold temperatures in the United States could harm dormant wheat plants. K.C. March hard red winter wheat, which reflects the variety grown in the southern US Plains, finished slightly higher while most-active Chicago Board of Trade wheat declined and MGEX spring wheat also lost ground.
The US Department of Agriculture said 478,213 tonnes of US wheat was inspected for export last week, near the high end of analyst estimates ranging from 300,000 to 500,000 tonnes.