US wheat futures closed lower on Friday on profit-taking after the big rally on Thursday and on some forecasts for rains in the dry US Plains. CBOT May wheat ended 5 cents per bushel lower at $5.50-1/4 per bushel. Cash dealers said there was an increase in farmer selling of hard red winter wheat during a rally in wheat futures on Thursday.
Beneficial rainfall expected early next week in eastern growing areas of the US Plains HRW wheat region but no significant precipitation seen for driest and largest acreage region. Melting snowcover and rainfall next week in the northern US Plains to cause major flooding in the Red River Valley areas, especially in eastern Dakotas and north-west Minnesota.
Taiwan millers to buy US wheat from Columbia Grain. South Koreas Dongah buys 22,000 tonnes US wheat. Coceral sees EU 2009 wheat crop fall to 128 million tonnes. Indias 2009 wheat output seen higher than forecast. W. Europe wheat starts spring in mostly good shape.