Wheat futures at the Chicago Board of Trade were lower at midmorning on Thursday, weighed by forecasts for rain in the US Plains this weekend and spillover weakness from the Kansas City market, traders said.
Significant precipitation was expected in the dry areas of the US Plains hard red winter wheat belt this weekend and into Monday. Recent rains in the US Midwest have also improved prospects for the soft red winter wheat crop.
As of 10:40 am (1640 GMT), CBOT May wheat was down 2-1/2 cents at $3.59-1/2 per bushel. May found support at its one-month low of $3.58-1/2, a triple bottom on the contract's chart. Deferred months were down 1 to 2-1/2 cents. Fimat sold 200 May contracts, traders said.