CBOT wheat slumps on technical selling, while watching Black Sea
Chicago Board of Trade wheat futures closed lower on Friday on chart-based selling and hopes for easing tensions in the Black Sea region, analysts said.
A lack of fresh news about Russian attacks on grain facilities in Ukraine helped open the door for futures to weaken, analysts said.
A senior Ukrainian official accused Russia of threatening civilian vessels in the Black Sea. Moscow last week quit the Black Sea grain export deal and warned that ships heading to Ukrainian seaports could be considered military targets.
Technical selling added pressure on futures, traders said.
Better-than-expected estimates for spring wheat yields from an annual crop tour also weighed on MGEX wheat.
CBOT September soft red winter wheat WU3 settled 8-1/2 cents weaker at $7.04-1/4 per bushel and touched its lowest price since July 19.
K.C. September hard red winter wheat KWU3 fell 10-1/4 cents to end at $8.56-1/4 a bushel, while MGEX September spring wheat MWEU3 last traded down 8-1/4 cents at $8.96 a bushel.
Source: Reuters (Reporting by Tom Polansek; editing by Diane Craft)
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