March 16, 2008	Sunday	Rabi-ul-Awwal 7, 1429

CHICAGO, March 15: US wheat futures on all the three exchanges plunged, pressured by profit-taking as worries about tightening credit sparked some commodity funds to liquidate long positions, traders said.

Also bearish was an improvement in the wheat growing areas of the southern plains where the forecast called for rain, starting Sunday, traders said.

CBOT May wheat closed 52-1/2 cents per bushel lower at $11.91-1/2 per bushel.

Kansas City hard red winter May wheat closed 33-1/two lower at $12.58 and Minneapolis May wheat ended 33-1/4 cents lower at $14.50.

Trade sources said that Britain was boosting wheat production and Ukraine and Russia are expected to be increasing their exports.

Wheat traders have been watching Japan’s regular weekly export tender for signs of a possible decline or increase in demand for US winter or spring wheat.

Japan will hold its weekly wheat tender on March 19.

The US winter wheat crop will soon be coming out of its dormant or “hibernating” stage of development and the US spring wheat crop will be sown in roughly early April. The wheat markets are bracing for US spring seeding weather.—Reuters