off-the-wire

CBOT wheat closes lower while drought worries lift K.C. wheat

Kitco Media
By Reuters
Published:
Updated:
Reuters
March 23 (Reuters) - Chicago Board of Trade May soft red winter wheat futures closed slightly lower on Thursday in range-bound trade, pressured by disappointing export data and inter-market spreading against K.C. wheat futures, traders said.
* The U.S. Agriculture Department reported export sales of U.S. wheat in the week ended March 16 at 138,600 tonnes (old and new crop years combined), below trade expectations for 190,000 to 750,000 tonnes.
* CBOT May soft red winter wheat settled down 1-1/2 cents at $6.62 per bushel, staying inside the previous day's trading range.
* K.C. wheat futures gained against CBOT wheat on inter-market spreads, supported by worries about drought in the U.S. Plains as the region's hard red winter wheat begins to break dormancy and resume spring growth.


* K.C. May hard red winter wheat closed up 8-1/2 cents at $8.19-3/4 a bushel and MGEX May spring wheat settled up 7-1/2 cents at $8.41-1/4.
* Spot basis bids for hard red winter wheat were flat at rail and truck market terminals around the southern U.S. Plains on Thursday, grain dealers said.
* The Russian government will consider increasing grain purchases by the state intervention fund to 10 million tonnes. (Reporting by Cassandra Garrison; Editing by Richard Chang)

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