CBOT wheat ends lower on profit-taking, export competition

CHICAGO: Chicago Board of Trade wheat futures closed lower on Tuesday in a profit-taking setback from multi-month highs set a day earlier and weakening export prospects as US wheat prices climb relative to grain from other origins, traders said.

CBOT July soft red winter wheat settled down 8 cents at $5.31-1/2 per bushel, a day after notching a six-month high at $5.49-1/4.

K.C. July hard red winter wheat ended down 10-1/4 cents at $4.65-1/4 a bushel and MGEX July spring wheat fell 8 cents t0 $5.52-1/4.

A firmer dollar weighed on futures, making US wheat less competitive globally.

Relatively strong US winter wheat crop ratings added pressure. The US Department of Agriculture late on Monday rated 64% of the winter wheat crop in good to excellent condition, unchanged from last week and up from 39% a year ago.

The USDA also said the US winter wheat harvest was 8% complete, well behind the five-year average of 20%.

A 60,000-tonne Romanian wheat cargo held in the Egyptian port of Damietta passed a second round of tests for quality, trade sources said. Egypt retested the cargo after an initial rejection and the vessel resumed unloading on Tuesday.