U.S. wheat futures fall on technical setback

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CHICAGO, Feb 6 (Reuters) -U.S. wheat futures fell on Monday, retreating from early strength on technical selling.

* The benchmark Chicago Board of Trade March soft red winter wheat futures contract WH3 dropped 6-1/2 cents to settle at $7.50-1/4 a bushel.

* Technical resistance for the CBOT March soft red winter wheat contract was noted at the high end of its 20-day Bollinger range. Support was noted at its 20-day moving average.

* CBOT March soft red winter wheat dropped below its 50-day, 30-day, 40-day, and 10-day moving averages during the session.

* K.C. hard red winter wheat futures for March delivery KWH3 were 3/4 cent lower at $8.72-1/4 a bushel and MGEX March spring wheat MWEH3 ended down 5-3/4 cents at $9.15-3/4 a bushel.

* The U.S. Agriculture Department on Monday morning reported weekly wheat export inspections of 536,355 tonnes, up from 445,727 tonnes the prior week. Analysts' forecasts for the weekly total ranged from 300,000 to 525,000 tonnes.

* South Korea's Major Feedmill Group bought about 65,000 tonnes of animal feed wheat in a private deal, with one consignment priced at an estimated $334.50 a tonne c&f plus a $1.50 a tonne surcharge for additional port unloading.

* Algerian state grains agency OAIC has issued two international tenders to buy soft milling wheat to be sourced from optional origins.

Reporting by Mark Weinraub; Editing by Leslie Adler


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