CBOT wheat posts new highs, ends down on profit-taking, technical selling
CHICAGO, March 9 (Reuters) - Chicago Board of Trade wheat rallied on Monday to the highest in nearly two years but closed lower after profit-taking and technical selling clipped gains that stemmed from surging crude oil prices.
Oil prices were up about 8% on Monday, paring gains after hitting their highest since 2022 earlier in the session, as Saudi Arabia and other OPEC members cut supplies due to disruptions from the expanding U.S.-Israeli war with Iran. O/R
The conflict has taken attention away from beneficial rain in some U.S. winter wheat belts, which could help bolster already comfortable global supply.
Grain traders are awaiting a monthly U.S. Department of Agriculture crop supply and demand report due on Tuesday. Analysts polled by Reuters expect minimal adjustments to the USDA's U.S. and global stocks forecasts.
The USDA said 496,108 metric tons of U.S. wheat were inspected for export in the week ended March 5, up from 354,518 tons a week earlier and near the high end of a range of trade estimates.
Ukraine's spring sowing campaign will start with a two-week delay due to frozen soil and remaining snow, the Ukrainian economy ministry said on Monday.
CBOT May soft red winter wheat WK26 fell 13-1/2 cents to $6.03-1/4 per bushel. The contract peaked at $6.41-3/4 early in Monday's session, the highest point for a most-active contract Wv1 since June 6, 2024.
K.C. May hard red winter wheat KWK26 last traded 5 cents lower at $6.18-1/2 per bushel.
Minneapolis May spring wheat MWEK26 gained 3 cents to close at $6.46 per bushel.
