CHICAGO: Chicago Board of Trade wheat futures fell about 2 percent to a near three-week low on Monday on technical selling along with plentiful global supplies, traders said.
CBOT July wheat settled down 9-1/2 cents, or 2.2 percent, at $4.23-1/4 a bushel after dipping to $4.21-1/2, its lowest level since April 25.
K.C. July hard red winter wheat ended down 10-3/4 cents at $4.28-1/2 a bushel and MGEX July spring wheat fell 6-1/2 cents to $5.40.
Traders shrugged at stronger-than-expected export data. The US Department of Agriculture reported export inspections of US wheat in the latest week at 691,226 tonnes, above a range of trade expectations for 375,000 to 625,000 tonnes.
Ahead of the USDA's weekly crop progress report, the average estimate of US spring wheat planting progress among analysts surveyed by Reuters was 73 percent, up from 54 percent a week ago.
Analysts expected the government to lower its US winter wheat condition ratings by 1 percentage point, to 52 percent good to excellent.
The CBOT reported no deliveries against the expired CBOT May wheat contract and 22 K.C. wheat deliveries. There were no deliveries of MGEX May spring wheat.
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