Chicago Board of Trade (CBOT) wheat futures dropped to one-week lows on Monday on technical selling and as a strengthening US dollar created headwinds for slumping US wheat exports. CBOT December soft red winter wheat was 7 cents lower at $5.14 per bushel. The contract failed to break through chart resistance at its 200-day moving average and closed below its 20-day moving average.
K.C. December hard red winter wheat ended 6-3/4 cents lower at $5.17-1/2 a bushel and Minneapolis December spring wheat ended down 2-1/4 cents at $5.89 a bushel. Investors are beginning to square positions ahead of Thursday's US Department of Agriculture (USDA) monthly supply and demand reports, which are expected to show increased supplies. Rainy weather in central and southern US Plains winter wheat areas recharged soil moisture and boosted recently planted crops. Traders are monitoring wheat prices in Russia amid speculation that the country might restrict exports.
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