CBOT wheat eases on strong crop outlook, tumbling corn
- Chicago Board of Trade July soft red winter wheat ended down 5-3/4 cents at $6.56-1/2 a bushel.
CHICAGO: U.S. wheat futures fell to a one-month low on Tuesday on a strong U.S. winter crop harvest outlook and spillover pressure from tumbling corn prices, traders said.
Expectations for bumper harvests in key production areas around the world also weighed on wheat prices.
Chicago Board of Trade July soft red winter wheat ended down 5-3/4 cents at $6.56-1/2 a bushel.
The contract touched a low of $6.46-3/4 during the session, the lowest for a most-active contract since April 15.
K.C. hard red winter wheat for July delivery fell 10-3/4 cents to $6.04-1/2 a bushel, while MGEX July spring wheat dropped 2 cents to $6.82-3/4 a bushel.
Crop scouts on an annual tour of Kansas wheat fields last week found record yield potential in the top U.S. winter wheat state.
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