Chicago Board of Trade wheat futures eased on Thursday in a profit-taking setback from three-month highs posted earlier in the week and as government data showed weekly export sales fell short of expectations. The market remains underpinned by drought conditions in the southern US Plains winter wheat belt and the large net short position held by commodity funds. But prices are capped by abundant global wheat supplies.
Benchmark March soft red winter wheat were 3/4 cent lower at $4.51 a bushel, ending near the high end of the day's trading range after earlier dipping to a low of $4.43-1/4. K.C. March hard red winter wheat ended 1/4 cent lower at $4.67 a bushel while Minneapolis March spring wheat gained 4-1/2 cents to $6.11-3/4 a bushel.