On Wednesday, the Chicago Board of Trade (CBOT) soft red winter wheat futures closed lower, with the benchmark period closing down about 3.4% due to fierce competition in the export market.
As of the close, wheat futures fell by 5.50 cents to 24.50 cents, with March futures closing down approximately 24.50 cents at 521.25 cents per bushel; The May period closed down approximately 20 cents, closing at 531 cents per bushel; The December period closed down approximately 9.50 cents at 570.25 cents per bushel.
The most active trading range for the May futures is between 529.50 cents and 551.50 cents.
In early trading, the May period fell to $5.29.50, the lowest point since August 2020.
On Wednesday, the estimated trading volume of wheat futures was 210,712 lots, compared to 113,585 lots in the previous trading day. The short position was 401,311 lots, compared to 387,802 lots on the previous trading day.
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