* CBOT wheat also lost ground to K.C. and
Minneapolis
Grain Exchange wheat futures on inter-market spreads.
* Grains prices fluctuated as investors awaited the decision
by
the U.S. Federal Reserve to raise interest rates by a quarter of
a percentage point. The bank indicated it was on the verge of
pausing further increases in borrowing costs amid recent turmoil
in financial markets spurred by the collapse of two U.S. banks.
* Ahead of the USDA's weekly export sales report on
Thursday,
traders expected the government to report export sales of U.S.
wheat in the week ended March 16 at 190,000 to 750,000 tonnes
(old and new crop years combined).
* CBOT May soft red winter wheat settled down 19-3/4
cents
at $6.63-1/2 per bushel after dipping to $6.54, the lowest on a
continuous chart of the most-active contract since July
2021.
* K.C. May hard red winter wheat closed down 9 cents
at
$8.11-1/4 a bushel and MGEX May spring wheat last traded
down 12 cents at $8.33-3/4.
* Euronext wheat fell sharply to a new 18-month low, weighed
down
by short-term supply pressure, bearish chart signals and
volatility in financial markets, dealers said.
(Reporting by Cassandra Garrison;
Editing by Sandra Maler)
March 22 (Reuters) - Chicago Board of Trade wheat
futures closed lower on Wednesday, with the benchmark contract
hitting its lowest since July 2021 on technical selling and
spillover weakness from European grain markets, traders said.
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