CBOT wheat futures drop on profit-taking

US wheat futures dropped 2 percent on Thursday, closing at session lows as traders locked in profits after the most active Chicago Board of Trade soft red winter wheat contract hit its highest in nearly eight months. The decline was the biggest for wheat in percentage terms since December 15.
The benchmark CBOT March soft red winter wheat contract failed to hold technical support above the high end of its 20-day Bollinger range. It also fell below its 200-day moving average but found support at its five-day moving average. The US Agriculture Department on Thursday morning reported export sales of US old-crop wheat in the latest week at 569,100 tonnes, above trade expectations for 300,000 to 500,000 tonnes.