Wheat futures at the Chicago Board of Trade closed lower on Monday amid bearish exports and on a drop in corn futures, traders said. CBOT wheat closed 1 to 5 cents per bushel lower. September was down 4-3/4 at $3.25-3/4 per bushel.
Pit sources said there was nothing in the export arena over the weekend to boost wheat futures. Traders in Singapore on Monday said Pakistan bought 50,000 tonnes of wheat from Russia, the second cargo purchased by the South Asian nation since the government approved duty-free imports of the grain this month.
Late trading featured commercial Term Commodities selling $3.10 September puts, traders said.
Estimated volume was large at 31,777 futures and 4,602 options. That compared to 25,112 contracts traded on Friday.
Traders estimated that commodity funds sold 3,000 lots on Monday.
USDA on Monday said US wheat inspected for export last week totalled 18.0 million bushels, within the range of estimates for 14.0 million to 19.0 million.
Cash basis bids for SRW in the Midwest were steady, and firmer along the rivers, cash dealers said.
Crop weather has moved into the background as a market factor for the waning harvest of the US winter wheat crop. Weather in the US spring wheat region suggests satisfactory development of the 2005 US spring wheat crop.
USDA said late Monday that 85 percent of the US winter wheat harvest was completed as of Sunday, versus 79 percent the week before. The government dropped its spring wheat ratings in the week, rating 70 percent of the crop as good to excellent compared to 75 percent the week before.
Friday's CFTC Commitments of Traders report showed large speculators trimmed their net short position in CBOT wheat futures during the week ended July 19. For futures, funds were long 47,721 contracts, an increase of 2,419 from the previous week, and short 64,198, down 2,436 lots.
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