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CBOT wheat sinks in technical selling, profit-taking setback

CHICAGO, May 22 (Reuters) - Chicago Board of Trade (CBOT) wheat futures fell on Wednesday, pressured by technical selling and profit-taking after hitting a three-month high the previous session. * CBOT July soft red winter wheat settled 6 cents lower at $4.72-3/4 per bushel. The contract failed to breach chart resistance at its 100-day moving average. * K.C. July hard red winter wheat ended down 3-3/4 cents at $4.32-1/4 a bushel, while MGEX July spring wheat ended up 3/4 cent at $5.43-3/4 a bushel. * Heavy rain across the southern Plains wheat belt has raised concerns that some of the developing hard red winter wheat crop may have been damaged or destroyed. Last Net Pct Low High Volume chng chng WHEAT SRW JUL9 472.75 -6.00 -1.4 468.50 481.00 63528 WHEAT SRW SEP9 480.75 -5.25 -1.1 476.00 488.00 20145 WHEAT HRW JUL9 432.25 -3.75 -1.0 428.25 440.50 32500 WHEAT HRW SEP9 443.00 -3.25 -0.8 438.50 450.00 17161 SPG WHT JUL9 543.75 0.75 0.1 536.75 547.00 3335 SPG WHT SEP9 552.00 0.00 0.0 545.75 556.25 2350 (Reporting by Karl Plume Editing by James Dalgleish)

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