Disappointing export sales for wheat

Kansas City wheat futures traded lower this morning, following bearish fundamental news in the marketplace, according to traders. 

USDA weekly wheat export sales were lousy, traders said, estimated at 284,000 metric tonnes.  Previous estimates ranged from 300,000 to 500,000 metric tonnes. 

In other bearish export news, Egypt purchased 120,000 metric tonnes of wheat from France and Russia overnight.

Favorable weather for corn and soybean harvesting, and wheat planting, kept grain prices under pressure this morning. 

The intra-market spread from KC Dec into Mar was present today, ahead of the start of the index roll set to begin tomorrow, traders said.

KC Dec wheat was 8 1/4 cents lower at $5.18 1/2 at midday.

CASH GRAIN: There was no cash grain report available this morning.