CBOT wheat lower as war premium fades
CHICAGO, March 23 (Reuters) - Chicago Board of Trade wheat futures ticked lower on Monday after President Donald Trump's comments on a strike postponement, which eased fears of wheat shortages in Middle Eastern and North African countries.
Wheat futures have been under pressure from a global wheat oversupply and poor exports.
Traders are also grappling with how rising fuel and fertiliser prices may influence U.S. farmers' allocation of acres for corn and soybeans this spring.
Showers are expected to slowly build into the U.S. Southern Plains wheat by late April, but only patchy relief is expected for the driest portion of the crop, an analyst note said.
Russian wheat export prices remained at the levels reached during the three-week rally triggered by the Iranian crisis, and analysts have raised their forecasts for March shipments amid an acceleration in exports.
CBOT May soft red winter wheat WK26 ended 7-1/2 cents lower at $5.87-3/4 per bushel.
K.C. May hard red winter wheat KWK26 settled 3 cents lower at $6.03-1/4 per bushel.
Minneapolis May spring wheat MWEK26 fell 1 cent to $6.27 per bushel.
