CHICAGO: Chicago Board of Trade wheat futures fell on Tuesday as ample world supplies underscored strong competition for global export business, traders said.
CBOT December soft red winter wheat settled down 9 cents at $4.53-1/2 per bushel.
K.C. December hard red winter wheat ended down 15 cents at $3.82-1/4 a bushel while the September dipped to $3.61-3/4, the lowest spot price on a continuous chart since December 2005.
MGEX December spring wheat < fell 9-3/4 cents to end at $4.87 while the thinly traded September contract settled at $4.66-1/2, the lowest spot price on a continuous chart since September 2009.
The US Department of Agriculture reported export inspections of US wheat in the latest week at 526,049 tonnes, in line with trade expectations.
Export prices for Russian wheat fell last week for the fifth consecutive week as competition with Ukraine and other producers intensified, analysts said on Monday.
Brazil is expected to introduce a tariff-free wheat import quota of 750,000 tonnes per year starting in 2020, the president of the country’s wheat industry group Abitrigo said.
Ahead of the USDA’s weekly crop progress report due later on Tuesday, analysts surveyed by Reuters on average expected the government to show the US spring wheat harvest as 57pc complete, up from 38pc a week earlier.