CBOT wheat futures slump on technical trading, Middle East conflict news
CHICAGO, April 1 (Reuters) - Chicago Board of Trade wheat futures slumped on Wednesday, interrupting a six-session rally built on concern about worsening crop conditions in the U.S. wheat belt, market analysts said.
Grain futures turned lower on the day in a broader flurry of technical trading, as investors shed positions after U.S. President Donald Trump's comments suggested an end to the Middle East conflict could be close.
CBOT wheat futures dropped to a near one-week low during the session, after setting a three-week high on Tuesday on concerns about dryness threatening crops in the U.S. Plains.
Beneficial rains were expected in southeastern Plains, though dryness will continue to cause stress for crops in western areas, forecasters said.
"There will be a sharp gradient between heavy showers across the southeastern Plains and little or no rain on the central and southern High Plains," the U.S. Department of Agriculture said in a daily weather report.
CBOT May soft red winter wheat WK26 settled down 18-3/4 cents at $5.97-1/2 a bushel.
K.C. May hard red winter wheat KWK26 ended 21-3/4 cents lower at $6.13-3/4 per bushel.
Minneapolis May spring wheat MWEK26 settled down 16-1/2 cents at $6.42 per bushel.
Egypt will raise the local wheat procurement price to 2,500 pounds ($46.76) per ardeb (150 kg) for this year's harvest, its finance minister said on Wednesday, as it moves to increase stocks of strategic commodities due to the Iran war.
Non-commercial market participants reduced their net long position in Euronext's milling wheat futures and options in the week to March 27, data published by Euronext on Wednesday showed.
