Chicago Board of Trade wheat futures fell early on Thursday on profit-taking after the spot contract reached a five-month high, traders said. CBOT May wheat settled down 8-1/2 cents at $4.95-3/4 a bushel after rising to $5.10-3/4, the highest spot price since November.
K.C. hard red winter wheat and MGEX spring wheat futures also closed lower, following CBOT wheat.
Open interest in CBOT wheat futures fell sharply in the previous three sessions as prices rose, an indication that funds have been covering short positions.
Fundamentals remain bearish, given plentiful global wheat inventories and strong competition for export business.
The USDA reported export sales of US wheat in the latest week at 295,000 tonnes for the 2015/16 marketing year, at the high end of trade expectations, and 325,600 tonnes for 2016/17, above expectations.
Statistics Canada said Canadian farmers intend to plant 23.8 million total acres of wheat for 2016, down from 24.1 million in 2015 but above the average trade estimate of 23.2 million acres. Chicago Board of Trade soyabean futures rose on Thursday for a third straight session, with nearby contracts gaining against back months as traders exited long November/short July spread positions, brokers said.
Trade was volatile, with soyabean futures falling at times on profit-taking and farmer cash sales. CBOT May soyabeans settled up 9 cents at $10.18-3/4 per bushel after reaching $10.34-3/4, the highest spot price since mid-August.
Concerns about rain damage to Argentina's soya crop lent support. The Buenos Aires Grains Exchange dropped its soyabean crop estimate to 56 million tonnes, from 60 million previously, while Argentina's Agriculture Ministry lowered its estimate to 57.6 million tonnes, from 60.9 million.
CBOT soyameal futures rose roughly 2 percent, the biggest gains in the soya complex, gaining against soyaoil futures on meal/oil spreading.