CBOT wheat closes weak on profit-taking

CHICAGO: Chicago Board of Trade soft red winter wheat futures fell on Tuesday on a profit-taking setback following three straight days of gains, traders said.

K.C. hard red winter wheat and MGEX spring wheat also closed in negative territory, but the declines were limited by relatively tight supplies of high-protein wheat.

Traders said a large short position by funds kept the declines in wheat in check.

The US Department of Agriculture said the US winter wheat crop was 72 percent planted, near the five-year average of 73 percent but behind an average of trade expectations for 75 percent.