CBOT wheat ends lower on higher crop condition outlook
Chicago Board of Trade (CBOT) wheat futures fell on Monday as traders expected the U.S. Department of Agriculture (USDA) to report the strongest winter crop ratings in eight years in a weekly report due for release later in the day.
Wheat futures were also pressured by large global stocks and limited U.S. export demand as rival suppliers are offering their shipments at lower prices.
CBOT May soft red winter wheat ended 3-1/4 cents lower at $5.57 a bushel.
K.C. May hard red winter wheat fell 9-3/4 cents to end at $5.75-1/2 per bushel, and MGEX May spring wheat ended down 10-1/4 cents at $6.34-3/4.
The USDA is due to release its weekly crop condition estimates at 3:00 p.m. CDT (2000 GMT). Reuters expect winter wheat to be rated 57% good to excellent, which would be the highest for this time of the season since 2016.
On average, also expect the USDA to report spring wheat at 2% planted as of Sunday.
The USDA on Monday morning said export inspections of U.S. wheat in the week ended March 28 totaled 498,989 metric tons, above trade estimates for up to 425,000 tons.
Wheat futures were also pressured by large global stocks and limited U.S. export demand as rival suppliers are offering their shipments at lower prices.
CBOT May soft red winter wheat ended 3-1/4 cents lower at $5.57 a bushel.
K.C. May hard red winter wheat fell 9-3/4 cents to end at $5.75-1/2 per bushel, and MGEX May spring wheat ended down 10-1/4 cents at $6.34-3/4.
The USDA is due to release its weekly crop condition estimates at 3:00 p.m. CDT (2000 GMT). Reuters expect winter wheat to be rated 57% good to excellent, which would be the highest for this time of the season since 2016.
On average, also expect the USDA to report spring wheat at 2% planted as of Sunday.
The USDA on Monday morning said export inspections of U.S. wheat in the week ended March 28 totaled 498,989 metric tons, above trade estimates for up to 425,000 tons.
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