CBOT wheat falls back on technical trading after rally
CHICAGO, Oct 3 (Reuters) -Chicago Board of Trade wheat futures weakened Thursday on technical trading after setting a more than 3-month high the day before, with concerns developing about drought in Russia and a drone attack on a Ukrainian river port.
Meanwhile Egypt, one of the world's major grain buyers, plans to import less wheat in the future.
CBOT December soft red winter wheat WZ24 settled down 11-3/4 cents at $6.03-1/2 a bushel.
K.C. December hard red winter wheat KWZ24 ended down 7-3/4 cents at $6.11-1/2 a bushel and MGEX December spring wheat MWEZ24 closed down 2-3/4 cents at $6.46-1/4 a bushel.
Wheat futures fell with profit-taking a day after the CBOT December WZ24 contract hit $6.17-1/4 per bushel, its highest in more than three months.
The grain was supported by worries about drought in Russia, with the world's largest wheat exporter saying Wednesday that conditions for winter crops in some key producing regions were "worse than usual" in October.
Egypt has developed plans to slash wheat imports and spend less on subsidised bread by adding corn or sorghum as ingredients, five industry sources briefed on the plans told Reuters.
The U.S. Department of Agriculture (USDA) reported export sales of U.S. 2024/25 wheat in the week ended Sept. 26 at 443,700 metric tons, topping a range of trade expectations for 150,000 to 400,000 tons. EXP/WHE
Saudi Arabia has issued a tender to buy 295,000 metric tons of hard milling wheat for arrival from December through January, the General Food Security Authority (GFSA) said on Thursday.
Japan's Ministry of Agriculture, Forestry and Fisheries (MAFF) bought a total of 137,048 metric tons of food-quality wheat from the United States, Canada and Australia in a regular tender that closed on Thursday.
Reporting by Renee Hickman; Editing by Shailesh Kuber
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