Chicago Board of Trade wheat futures closed fractionally lower on Thursday on technical selling after the benchmark December contract reached a one month high but failed to hold support above $4.50 a bushel, traders said. CBOT December wheat ended down 1/4 cent at $4.43 after reaching $4.50-1/2, its highest since August 17. K.C. December hard red winter wheat ended down 2-1/4 cents at $4.42 a bushel and MGEX December spring wheat fell 11 cents at $6.32-1/2 a bushel, pressured by softening cash spring wheat values.
Disappointing export data added pressure. The US Department of Agriculture reported export sales of US wheat in the latest week at 316,700 tonnes, below a range of trade expectations for 350,000 to 550,000 tonnes. Argentina's Rosario Grains Exchange lowered its estimate of the country's 2017/18 wheat planted area to 5.4 million hectares, from 5.45 million previously, citing excessively wet conditions.
Consultancy Strategie Grains cut its outlook for EU 2017/18 soft wheat exports to 23.1 million tonnes, down 1.3 million from its previous forecast. The CBOT reported four deliveries against CBOT September wheat futures and 19 K.C. wheat deliveries. CBOT, K.C. and MGEX September contracts expired at 12:01 pm CDT.
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