CHICAGO: Chicago Board of Trade wheat futures closed lower on Tuesday in sympathy with steep declines in corn and soybeans, traders said.
Plentiful US and world supplies add pressure. The US Department of Agriculture has projected that global wheat stocks will reach an all-time high by the end of the 2016/17 marketing year.
CBOT September wheat settled down 11-1/2 cents at $4.18 a bushel after dipping to $4.16-1/4, its lowest level since July 5.
K.C. hard red winter wheat and MGEX spring wheat futures also closed lower.
The USDA late Monday rated 69 percent of the US spring wheat crop in good to excellent condition, down from 70 percent a week earlier and in line with analyst expectations.
The USDA said the US winter wheat harvest was 76 percent complete as of Sunday, up from 66 percent the previous week and slightly ahead of the five-year average of 73 percent.
Germany will harvest 26.03 million tonnes of wheat this year, down 1.9 percent from a hefty crop in 2015, French consultancy Agritel said, basing its estimate on a crop tour carried out in early July.
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