US wheat KCBT led the decline and ended lower across the board

Introduction: three U.S wheat futures markets fell sharply on Wednesday, led by KCBT hard red winter wheat futures, mainly due to the heavy selling of commodity funds The kcbt5 contract was down 5.25 cents at 338.50 cents per bushel; the MGE 5 contract was down 4.75 cents at 349.75 cents per bushel; the CBOT 5 contract was down 1 cents at 333.50 cents per bushel At KCBT, traders said commodity funds were selling short, forcing the market to fall below support in the early morning and triggering stop loss selling intervention Even if the market is very light for the rest of the time, it also sets a falling tone for the whole day As the market unfolded, kcbt5 contract hit a five week low Affected by this, mge5 contract also hit a three week low At the same time, CBOT's may contract barely held the 332 cent support level, which was also Monday's low Traders said that CBOT wheat futures rose slightly for a time, driven by the strength of CBOT soybeans, but finally fell under the drag of KCBT wheat The U.S Department of agriculture is due to release its forecast of the intended planting area and its quarterly inventory report on Thursday The market believes that the total wheat acreage planted in this report is about 58 million acres, slightly lower than the previous year's 59.7 million acres Since 1972, wheat acreage in the United States has never been less than 59 million acres In January, the U.S Department of agriculture predicted a significant reduction in winter wheat sown area, especially for soft red winter wheat varieties At present, the U.S Department of agriculture predicts that the sown area of soft red winter wheat will be the lowest in history in 2005 This will be the first time the U.S Department of agriculture has released the forecast data of spring wheat planting area Analysts on average expect that the sown area of other spring wheat is 13.759 million mu, slightly lower than the 13.763 million mu of last year The USDA will also release weekly export sales reports in zhouguo The market expects us wheat export sales to be between 35000 and 55000 tonnes in the week to March 24, compared with 365100 tonnes a week ago Thursday is also the last trading day of March, which could prompt some traders to close positions