US wheat futures pull back after recent gains

US wheat futures pulled back on Thursday on profit-taking after recent gains, traders said.

Traders were consolidating grain positions as year-end holidays approach.

The most actively traded contract on Tuesday reached its highest price since June at the Chicago Board of Trade.

The European Commission increased its monthly estimate of 2019/20 common wheat production in the European Union to 147.2 million tonnes from 146.8 million. The US Department of Agriculture (USDA) said export sales of wheat totalled 868,600 tonnes last week, topping analyst forecasts that ranged from 200,000 tonnes to 600,000 tonnes.