Wheat futures on the Chicago Board of Trade were lower early on Thursday on technical selling and plentiful global wheat supplies, traders said. The spot CBOT March wheat contract was down 8 cents at $4.86-3/4 per bushel by 10:09 am CST (1609 GMT), dropping below its 20-day moving average of $4.87-3/4.
News that Egypt bypassed US wheat at its latest tender in favour of cheaper Russian and French supplies added pressure. March corn down 4 cents at $3.56 per bushel. Corn pressured by big South American crop and plentiful supply of global feedgrains. But higher crude oil futures lend underlying support.