Chicago Board of Trade (CBOT) July wheat futures closed 16-1/4 cents lower on Thursday to $4.37-3/4 per bushel on better-than-expected Kansas wheat tour results, analysts said. Widespread commodity selling from the crude oil and gold markets pressured wheat, soybeans and corn, analysts said.

Crop scouts on the final day of an annual three-day tour of Kansas hard red winter wheat fields projected an average yield of 46.1 bushels per acre (bpa), above the five-year crop tour average of 41.6 bpa. The USDA said weekly export sales of wheat totalled 821,800 tonnes (old-crop and new-crop combined), topping a range of market forecasts. July K.C. hard red winter wheat, which tracks the crop being grown in the US Plains, dropped 18-3/4 cents to $4.44-1/2 per bushel, while MGEX wheat fell 13-3/4 cents to $5.47-1/2.

Copyright Reuters, 2017