CHICAGO: Chicago Board of Trade wheat futures were called 5 to 7 cents per bushel lower on Tuesday, pulling back from a short-covering rally on Monday due to concerns about a Greek debt default chilling the appetite for risky investments, traders said.
The calls were in line with trading during the overnight Globex session.
Light precipitation expected to boost soil moisture reserves in the US Plains on Tuesday. More snow expected during the weekend, with 3 to 6 inches forecast for Kansas and northern Oklahoma, said John Dee, meteorologist for Global Weather Monitoring.
CBOT soft red winter wheat was down 7-1/4 to 7-1/2 cents in Globex overnight trading. Hard red winter wheat futures at the Kansas City Board of Trade were down 7-1/2 to 8 cents and MGEX spring wheat rose 1/2 cent to 1-3/4 cents in Globex-only trading.
Concerns about dry weather in the northern US Plains limiting production of spring wheat this year were supporting MGEX prices.
Ukraine will have 6.3 million tonnes of wheat for export in the 2012/13 season, UkrAgroConsult said.
A flour mill in Oman purchased 50,000 tonnes of Kazakhstan-origin wheat in international tender for 40,000 tonnes for $306 a tonne c&f, European traders said.
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