OREANDA-NEWS. February 03, 2015. Chicago Board of Trade wheat futures fell to a four-month low Monday on technical selling amid plentiful global supplies and strong competition for export business, traders said.

Contract lows set across the board in K.C. hard red winter wheat and in back months for MGEX spring wheat.

A weekend snowstorm dumped more than a foot (30.5 cm) of snow on Midwest wheat areas, providing a protective cover for the dormant crop against frigid temperatures expected this week. Beneficial rains fell in the southern Plains wheat belt.

USDA reported export inspections of US wheat in the latest week at 394,029 tonnes, near the high end of trade expectations for 250,000 to 400,000 tonnes.

Ahead of Statistics Canada's Feb. 4 report on end-year grain stocks, a Reuters survey of analysts put Canada's Dec. 31 all-wheat stocks at 25 million tonnes, down from a year ago but still among the largest in recent decades.

Russia's wheat export tax, launched on Sunday, will further slow already reduced export supplies of the grain as it seeks to cool domestic prices due to the currency crisis.

Saudi Arabia bought 690,000 tonnes of hard wheat via a tender. Accepted origins for the wheat, for shipment during April and May, include the European Union, North America, South America and Australia at the option of sellers.