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CBOT wheat lower on weak demand, rain in the U.S. Plains

CHICAGO, Oct 24 (Reuters) - Chicago Board of Trade wheat futures declined on Monday, pressured by weak demand and rain in parts of the drought-hit U.S. Plains wheat belt where farmers are nearly finished planting their hard red winter crop. * Chicago Board of Trade December soft red winter wheat settled down 12 cents at $8.38-3/4 a bushel. The benchmark contract hit technical chart resistance at its 50-day moving average. * K.C. December hard red winter wheat ended 10-1/4 cents lower at $9.38 a bushel and MGEX December spring wheat shed 3-3/4 cents to settle at $9.57-3/4 a bushel. * Analysts polled by Reuters ahead of a weekly U.S. Department of Agriculture (USDA) report expect the U.S. winter wheat crop to be 81% planted as of Sunday. USDA data is due out later on Monday. * The USDA said 125,582 tonnes of U.S. wheat were inspected for export in the week ended Oct. 20, below trade estimates and down from the 197,479 tonnes inspected in the same week last year. * Saudi Arabia's state grains buyer SAGO said on Monday that it bought 566,000 tonnes of hard milling wheat in an international tender for shipment March-April 2023. (Reporting by Karl Plume; Editing by Aurora Ellis)

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