Chicago Board of Trade wheat futures dropped 3 percent on Thursday, with outlook for rains in the US Plains pressuring the market throughout the day. A turnaround in the US dollar, which had weakened for much of the trading day, pushed prices to session lows shortly before the close. Frequent showers were seen as aiding US Plains winter wheat yield prospects, although analysts noted some concern of excessive moisture in some areas.
K.C. winter wheat, which tracks the crop grown in the US Plains, fell 3.4 percent while MGEX spring wheat fell 1.8 percent. The US Department of Agriculture reported export sales of US wheat in the latest week at 551,100 tonnes (old and new crop years combined), in line with trade estimates for 350,000 to 750,000 tonnes. Traders are awaiting Statistics Canada's plantings report on Friday. The average estimate of Canadian all-wheat plantings for harvest in 2017 was 22.4 million acres, a six-year low if realized.
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