Chicago Board of Trade's (CBOT) wheat futures on Friday fell to multi-month lows on Friday and K.C. wheat futures hit contract lows for a second session as grain traders eyed falling prices in the global cash wheat market and bearish technical signals. Chicago Board of Trade's (CBOT) March soft red winter wheat settled down 2-3/4 cents at $5.04-1/4 per bushel. It closed down 2.7 percent for the week.
Earlier in the day, it fell to a low of $4.99-1/4, the contract's lowest level in more than a year and the lowest for a most-active contract since October 31. Technical selling accelerated as March wheat fell below its Jan. 2 low of $5.01-1/4 and as K.C. hard red winter wheat futures hit contract lows.
K.C. March hard red winter wheat ended down 5 cents at $4.76-1/2 a bushel, while MGEX March spring wheat closed the day down 1-3/4 cents to $5.73 a bushel.
US markets including the Chicago Board of Trade will be closed on Monday in observance of Presidents Day. Trade in CBOT grains will resume Monday at 7 p.m. CST (0100 GMT) for trades dated Tuesday.
Wheat fell largely due to declining prices on the global export market, traders said: Algeria's state grains agency this week bought 600,000 tonnes of milling wheat at a tender about $15 per tonne cheaper than an Algerian purchase in early January, European traders said. The United States and China will resume trade talks next week in Washington with time running short to ease their bruising trade war, but US President Donald Trump repeated on Friday that he may extend a March 1 deadline for a deal and keep tariffs on Chinese goods from rising.
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