Chicago Board of Trade wheat futures closed lower on Tuesday, retreating from early advances on technical selling and disappointing weekly export data, traders said. CBOT December wheat settled down 3/4 cent at $4.35-1/4 per bushel.
K.C. December hard red winter wheat ended up 1/2 cent at $4.31-1/4 a bushel while MGEX December spring wheat fell 5-3/4 cents at $6.17-1/2. The US Department of Agriculture reported export inspections of US wheat in the latest week at 350,632 tonnes, below a range of trade expectations for 400,000 to 600,000 tonnes. Recent rains in the US Plains and Midwest winter wheat regions have bolstered prospects for the 2018 crop.