Wheat futures on the Chicago Board of Trade declined Friday on follow-through technical selling after a weak close a day earlier, and plentiful old-crop US and global grain supplies, traders said. CBOT March wheat settled down 6-3/4 cents at $4.41 per bushel after dipping to $4.40-1/4, its lowest since February 9.
For the week, the contract fell 8 cents, or 1.8 percent. K.C. March hard red winter wheat on Friday ended down 1-3/4 cents at $4.56-1/4 a bushel and MGEX March spring wheat fell 4 cents at $5.46-1/4. Egypt's state grain buyer, the General Authority for Supply Commodities, said it bought 360,000 tonnes of Russian, Ukrainian and Romanian wheat at a tender, bypassing an offer of US wheat.
CBOT wheat underpinned by concerns that a warm spell in the US Midwest and Plains this week is coaxing the winter wheat crop out of dormancy, leaving it vulnerable to any frost threat later in the season. Nearly all of France's wheat crops remained in good condition, farm office FranceAgriMer said in its first cereal crop progress report since the start of winter. US markets, including the CBOT, will be closed on Monday for the Presidents Day holiday. CBOT grains trade for Tuesday resumes Monday at 7 pm CST (0100 GMT).