Wheat futures on the Chicago Board of Trade settled mixed on Monday, with the most-active December contract gaining on a late round of technical buying and strength in other markets including crude oil, traders said. Spot September wheat, which is in delivery, posted the biggest advance in CBOT wheat. September deliveries on first notice day were within a range of trade expectations at 310 contracts, but the total was smaller than some had feared.
First-day September deliveries also included one contract of K.C. hard red winter wheat and 353 for MGEX spring wheat. K.C. wheat futures and MGEX spring wheat futures closed higher in a technical bounce after setting contract and multi-year lows. Ahead of USDA's weekly crop progress report later on Monday, analysts expected the government to show the US spring wheat harvest as 87 percent complete, up from 75 percent a week ago.
Algeria's state grains agency OAIC issued a tender to buy optional-origin milling wheat for shipment in October, European traders said. Australian wheat was offered lowest at $231.70 a tonne c&f free out in a tender by Iraq's state grains board seeking at least 50,000 tonnes of hard wheat. For the month of August, spot CBOT wheat fell 16-3/4 cents per bushel or 3.35 percent. Spot K.C. wheat fell 28-1/2 cents and spot MGEX spring wheat fell 27 cents.
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