US wheat futures on the Chicago Board of Trade declined on Thursday in a profit-taking setback after Wednesday's corn-led rally, traders said. Additional pressure from ongoing concerns about burdensome US and global wheat supplies. CBOT May wheat fell 6 cents at $4.69-1/4 per bushel; back months down 4-1/2 to 6-1/4 cents. Managed funds sold an estimated 3,000 CBOT wheat contracts, traders said.
KCBT May wheat down 6-1/2 cents at $4.85-1/2; MGEX May spring wheat down 2-1/2 at $5.03-3/4. Market shrugged off support from bullish weekly export sales. USDA reported sales of US wheat in latest week at 533,400 tonnes, above estimates for 250,000 to 450,000 tonnes. USDA confirmed sales of 126,000 tonnes of US wheat to unknown destinations for delivery in 2010/11.
Colombia wants 250,000 tonnes Russian wheat - Moscow. Tunisia buys 92,000 tonne wheat, 25,000 tonnes barley. Rabobank raised its forecast for Australia's 2010/11 wheat harvest to 21.8 million tonnes, up from 20 million last month. Trade expects USDA to trim its estimate of US 2009/10 wheat carryout in its April supply/demand report on Friday.