US wheat futures closed lower on slow US wheat exports and big global wheat stocks. CBOT March wheat was down 17-1/4 cents per bushel at $5.78 per bushel and KCBT HRW March was down 18 at $6.08. Minneapolis March ended 15-1/2 cents down at $6.57-3/4. Chicago volume was moderate estimated at 57,694 futures and 16,456 options.
In Kansas City, an estimated 10,903 futures traded. Minneapolis volume was seen at 4,072 futures. USDA said export sales of US wheat last week were a minus 56,500 tonnes (old-crop/new-crop), below estimates for 300,000 to 500,000 tonnes. Wheat exports last week a marketing year low, down 94 percent from the previous week and 90 percent from the prior four-week average.
The low wheat export number largely due to cancellations of 276,600 tonnes of old-crop wheat by Nigeria and a reduction of 80,000 tonnes by Nigeria for new-crop delivery. After the markets closed Egypt's GASC said it was seeking 30,000-60,000 tonnes of optional-origin wheat for February shipment. IGC sees smaller world wheat crop in 2009/10. Pakistan again delays 250,000 tonne wheat tender. Japan postpones making wheat imports more flexible. Analyst boosts Ukraine 09 grain crop, exports forecast.