US wheat futures fell on Thursday, the first drop for the Chicago Board of Trade contract after seven straight positive sessions, as traders shed risky assets due to concerns about the global economy. The risk aversion caused the US dollar to strengthen, which makes US wheat less competitive on the export market.
A sharp drop in the stock market also contributed to the bearish tone hanging over commodity prices. CBOT volume was light, with less than 80,000 wheat contracts changing hands, about 80 percent of the average of the last 30 trading sessions. Egypt's GASC says buys 240,000 tonnes of soft wheat for October 1-10 shipment. Purchase includes 180,000 tonnes of Russian wheat as well as Romanian wheat but no US supplies. Syria tendered to buy 100,000 tonnes of soft wheat of bread quality - European traders said.
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