CHICAGO: Chicago Board of Trade (CBOT) wheat futures fell sharply to contract lows on Monday on technical selling and worries about lower-than-expected US exports.
* CBOT May soft red winter wheat fell 19 cents to $4.72-3/4 a bushel, with selling accelerating as the contract fell below its previous low set last week. The 3.9-percent drop was the steepest for the most active contract since July 11.
* K.C. May hard red winter wheat dropped 15-3/4 cents to end at $4.50-1/4 a bushel, while MGEX March spring wheat fell 11-1/2 cents to $5.53 a bushel.
* All Chicago and K.C. wheat futures contracts posted contract lows.
* Wheat was pressured by a lagging US export pace amid competition from lower-cost suppliers such as Ukraine and Russia.
* The US Department of Agriculture on Monday said 693,964 tonnes of US wheat was inspected for export last week, above market expectations. But season-to-date inspections are about 1.4 million tonnes behind a year ago.
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