CHICAGO: Chicago Board of Trade wheat futures fell on Tuesday as favorable crop progress reports from the US Department of Agriculture weighed on markets, traders said. CBOT July soft red winter wheat settled down 7 cents at $5.04-1/2 per bushel.
K.C. July hard red winter wheat ended down 2-3/4 cent at $4.57-3/4 per bushel and MGEX July spring wheat finished flat at $5.24-1/4 a bushel. The US Department of Agriculture rated 82% of US spring wheat as good to excellent, above analyst expectations of 80%, in its weekly crop conditions report, issued after the market close on Monday.
The agency also marked 7% of US winter wheat as harvested, up from 3% last week, with 51% of the crop in good to excellent condition, slightly better than analyst expectations of 50%.
*The southern US Plains has been experiencing hot and dry weather, aiding winter wheat crop maturity and expediting early harvest, analysts said. Egypt's General Authority for Supply Commodities (GASC) set a tender on Tuesday to buy an unspecified amount of wheat from global suppliers for shipment from July 12-22.
European wheat futures fell after recent rain across Europe relieved concerns about possible dryness damage to crops. Importers in the Philippines have issued an international tender to purchase up to 168,000 tonnes of animal feed wheat, European traders said on Tuesday.
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