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CBOT wheat futures lower on technical selling

Reuters

Wheat futures on the Chicago Board of Trade closed lower on Tuesday on technical selling and ample global inventories, traders said. CBOT December wheat settled down 3/4 cent at $3.98-1/2 per bushel but stayed above last week's contract low of $3.86-3/4. K.C. December hard red winter wheat futures and MGEX December spring wheat also closed lower.

Russia's IKAR agriculture consultancy said it raised its forecast for Russia's 2016 grain crop by 2 million tonnes, to 118 million tonnes. The USDA reported export inspections of US wheat in the latest week at 639,315 tonnes, above a range of trade expectations for 350,000 to 550,000 tonnes. Ahead of a Statistics Canada report due on Wednesday, analysts surveyed by Reuters expected the government to report Canadian all-wheat stocks at 4.29 million tonnes, down 39 percent from a year ago, bucking a global trend of rising supplies.

Algeria's state grains agency OAIC on Monday issued a tender to buy optional-origin soft milling wheat, European traders said. The CBOT reported 27 CBOT September wheat deliveries and 125 K.C. wheat deliveries. The Minneapolis Grain Exchange reported no September spring wheat deliveries.

08.09.16

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