CBOT wheat ends sharply lower on profit-taking, plunging crude oil
CHICAGO, March 10 (Reuters) - Chicago Board of Trade wheat futures fell sharply on Tuesday in a profit-taking and technical-selling retreat after prices rose a day earlier to the highest in nearly two years, and as crude oil prices tumbled.
Wheat prices also remain anchored by ample global supplies and muted demand for U.S. shipments.
Oil prices plunged by about 15% on Tuesday after soaring to their highest levels since 2022 in the previous session as U.S. President Donald Trump predicted the war with Iran could end soon. The war helped propel grain prices higher, partly due to investment flows from commodity funds and as crops like corn and soybeans are widely used for making biofuel. O/R
The U.S. Department of Agriculture left its U.S. wheat supply and demand outlook unchanged in a monthly report on Tuesday. The agency's global stocks outlook declined slightly after forecasting higher domestic use and lower exports from the EU, higher Argentine exports and lower exports from the Black Sea region.
The Iran conflict has taken attention away from beneficial rain in some U.S. winter wheat belts, which could help bolster already comfortable global supply.
CBOT May soft red winter wheat WK26 fell 12-1/4 cents to $5.91 per bushel after reaching the highest point for a most-active contract Wv1 since June 2024 a day earlier.
K.C. May hard red winter wheat KWK26 last traded 9-1/4 cents lower at $6.10-1/2 per bushel.
Minneapolis May spring wheat MWEK26 fell 10-3/4 cents to close at $6.35 per bushel.
