Wheat futures on the Chicago Board of Trade fell on Thursday for a second straight session on technical selling and profit-taking after the March contract this week set a 2-1/2-month high, traders said. A stronger dollar, which makes US grains less competitive in the global export market, added pressure. The dollar index firmed as a batch of solid US economic data reinforced a theme of robust growth.
CBOT March wheat settled down 7-1/2 cents at $4.23-1/2 per bushel. The contract on Tuesday reached $4.37-1/2 on Tuesday, its highest since late October. K.C. March hard red winter wheat ended down 10 cents at $4.42-1/4 a bushel.
MGEX spring wheat bucked the lower trend with the March contract rising 3 cents at $5.76-1/2 a bushel, supported by tight global supplies of top-quality milling wheat.
Consultancy Strategie Grains lowered its forecast for the 2017 European Union soft wheat harvest by 1.2 million tonnes to 143.8 million, citing severe cold this month. The International Grains Council raised its outlook for 2016/17 world wheat production by 3 million tonnes to 752 million tonnes.