Hard red winter wheat futures at the Kansas City Board of Trade ended mixed on Wednesday as an early across-the-board rally retreated amid profit-taking ahead of the holiday, traders said.
The market settled 2-1/2 cents lower to 9-1/2 cents higher, with December down 1-3/4 cents at $5.13 per bushel and March 2-1/2 lower at $5.28-1/2. The KCBT closed at noon CST ahead of Thursday's Thanksgiving Day. Markets will also close early on Friday.
December ranged from $5.11 to $5.21 and March ranged from $5.26-1/2 to $5.38. New-crop months were firmer amid dry weather worries as July matched its contract high of $5.04. Prices rallied early after Egypt's General Authority for Supply Commodities (GASC) bought 60,000 tonnes of US soft red winter wheat, along with 120,000 tonnes of French milling wheat for shipment December 21-31.
Also on the export front, Japan bought 170,000 tonnes of wheat for January shipment, including 90,000 from the United States. Dry weather in the Plains remained supportive as drought stress mounted across the wheat belt.
Traders also cited gains posted by corn and soybean futures at the Chicago Board of Trade as helping boost wheat prices. The nine-day relative strength index for the March contract stood at 48 ahead of Wednesday's opening bell.
Chart-watchers consider 30 and below a sign of an oversold market and 70 and above indicative of an overbought market. Kansas City December wheat options expire on Friday.