Chicago Board of Trade (CBOT) wheat futures fell nearly 2 percent on Wednesday in a profit-taking and technical selling setback amid easing world prices, traders said. CBOT March soft red winter wheat settled down 10-1/4 cents at $5.22-1/2 per bushel. The contract broke through chart support at its 50-day moving average and closed near that level. K.C. March hard red winter wheat ended down 8-3/4 cents at $5.08-1/2 a bushel and MGEX March spring wheat fell 8-1/4 cents at $5.68-1/2.
Traders are concerned about US wheat export demand as global wheat prices eased. A recent jump in Black Sea region wheat prices had revived US export demand. Euronext wheat futures fell on Wednesday to a one-week low, pressured by a stronger euro and a sharp fall in US prices. The US Department of Agriculture is expected to report last week's US wheat export sales at 500,000 to 700,000 tonnes, according to analysts polled ahead of the weekly report. After the close, Egypt's GASC issued a tender to buy wheat from global suppliers for shipment February 11-20.
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