CHICAGO: Chicago Board of Trade wheat futures slumped on Monday on concern over weak US exports cooled hopes, as traders continued to wait for signs of ample US supplies taking export demand away from the Black Sea region.
CBOT December soft red winter wheat closed down 6-3/4 cents at $5.08 per bushel on Monday.
K.C. December hard red winter wheat settled down 8-1/2 cents at $5.07-3/4 a bushel and MGEX December spring wheat closed the day down 3-1/4 cents at $5.85-1/2.
Wheat contracts continued to test their low ranges on Monday, pressured by a strengthening US dollar and news that Syria's state grain buyer bought 200,000 tonnes of Russian wheat in its latest international purchasing tender.
"We're watching to see if US wheat can hold here, and get a bit of a technical bounce this week," said Ted Seifreid of the Zaner Group.
Ahead of the USDA's weekly crop progress report due later on Monday, analysts on average expected the government to report the US winter wheat crop as 76 percent planted, up from 65 percent a week ago.
Algeria's state grains agency OAIC has issued an international tender to buy milling wheat to be sourced from optional origins, European traders said on Monday.
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