Chicago Board of Trade wheat futures eased on Thursday in a profit-taking setback after hitting one month highs in the previous session, traders said. CBOT December soft red winter wheat fell 1-1/2 cents to $4.88 per bushel. The contract settled below its 50-day moving average, a key technical level which breached on Wednesday for the first time since mid-July.

K.C. December hard red winter wheat ended 1/4 cent lower at $4.09-1/2 a bushel. MGEX December spring wheat rose 7 cents to $5.20-1/4 a bushel, supported by concerns that harvest-time rains have slashed the amount of milling quality grain available. Wheat prices remain underpinned by concerns about dry weather in some key producing areas around the world, including Ukraine, Australia and Argentina.

Copyright Reuters, 2019

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