Chicago Board of Trade wheat futures hit a three-week low on Thursday and closed lower for a fourth straight session, pressured by ample global supplies and weak demand for US shipments, traders said. CBOT March fell to a low of $4.67-1/4 a bushel, the lowest since December 3, and settled at $4.67-1/2, down 2 cents on the day. K.C. hard red winter wheat futures and MGEX spring wheat futures also ended lower. For the week, CBOT March wheat fell 19-1/4 cents, or 4 percent. K.C. March wheat fell 14-3/4 cents for the week and MGEX March spring wheat fell 10-3/4 cents.
Trading ended early on Thursday and will be closed on Friday for the Christmas holiday. Rallies this week were limited by poor export demand, plentiful world wheat supplies and prospects for Argentina to step up wheat exports after lifting export taxes and following the devaluation of its currency.
Weekly US export sales of 370,335 tonnes were largest in three weeks and within analyst expectations that ranged from 250,000 to 450,000 tonnes, US Department of Agriculture data showed. However, US wheat still was too expensive for many top importing countries. There were no offers of US wheat in tender issued by No 1 global buyer Egypt on Wednesday, when the state buying agency purchased wheat from Argentina for the first time in three years.
Wheat also was pressured by forecasts for snow in parts of the US Plains. Snow is needed to protect dormant winter wheat during cold weather over the coming months. Parts of Kansas are expected to receive more than a foot of snow this weekend, forecasters said.