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Chicago Board of Trade wheat futures closed lower on Thursday, turning down on technical selling and profit-taking after the spot March contract climbed to a five-week high. CBOT March soft red winter wheat futures settled down 4-1/2 cents at $5.21-1/2 per bushel, retreating after reaching $5.29, its highest since December 19.

K.C. March hard red winter wheat futures ended down 3-1/2 cents at $5.11-1/2 a bushel, while MGEX March spring wheat rose 3/4 cent at $5.76-1/4.

US wheat futures remain underpinned by expectations of a pickup in export demand as Russian supplies dwindle.

Russian wheat is cheaper than US grain, but the spread between the two has narrowed to about $15 a tonne on a free-on-board basis, from more than $50 a tonne in August, according to Refinitiv Eikon data.

Russia's Agriculture Ministry has asked the country's ports to start supplying it with grain export data and export plans on a weekly basis, it said in a letter to managers of port terminals.

Copyright Reuters, 2019


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