CHICAGO, March 26 (Reuters): Chicago Board of Trade (CBOT) wheat futures fell on Tuesday in technical trading, as large Russian supplies, a strong dollar and fading Chinese demand also weighed on the market, analysts said.
Traders were turning their attention to U.S. planting and grain stocks data due out on Thursday.
Soybean and corn futures also eased during choppy trading as farmers sold some old-crop supplies ahead of the U.S. Department of Agriculture's reports, analysts said.
"This whole week is defined by getting ready for the report at the end of the week," said Ted Seifried, vice president of Zaner Ag Hedge.
The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 settled down 11-1/2 cents at $5.43-1/2 a bushel.
"Russia is continuing to push wheat into the world market, Chinese demand is soft, and wheat is trying to carve out a bottom," said Chuck Shelby, president of Risk Management Commodities. "We've got a big source of information coming, and the markets are just sitting here and waiting."
CBOT wheat hit a three-week high at $5.67 per bushel on Monday as a dispute between Russian authorities and a leading exporter stoked worries about crucial Black Sea exports.
Like wheat, corn and soy futures have recovered from three-year lows struck this year, but remain curbed by ample South American supplies and tepid Chinese demand.
CBOT soybeans Sv1 settled down 10-1/4 cents at $11.99 a bushel, and corn Cv1 slumped 5-1/4 cents to $4.32-1/2 a bushel.
Short-covering in soybeans on Monday prompted farmer selling on Tuesday, as farmers offloaded old-crop supplies and sought to reduce risk ahead of Thursday's reports and the upcoming spring planting season, analysts said.
Analysts surveyed by Reuters are predicting soy plantings of 86.530 million acres, up 2.93 million acres from last year, and corn plantings of 91.776 million acres, down from 94.641 million acres last year.
In Brazil, consultancy hEDGEpoint lowered its forecast for the nation's 2023-24 corn crop to 119.1 million metric tons from 121.5 million previously.
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