CHICAGO: Chicago Board of Trade wheat futures fell nearly 3pc on Monday, pressured by improving weather for the expanding US winter wheat harvest and spillover weakness from corn, traders said.
CBOT September soft red winter wheat settled down 15-1/2 cents at $5.11-3/4 per bushel.
K.C. September hard red winter wheat ended down 17-1/2 cents at $4.44 a bushel and MGEX September spring wheat fell 9-3/4 cents at $5.44-1/2.
Ahead of the US Department of Agriculture's weekly crop progress report, analysts surveyed by Reuters on average expected the government to report the US winter wheat harvest as 30pc complete, up from 15pc a week ago.
Analysts on average expected the USDA to rate 75pc of the US spring wheat crop as good to excellent, unchanged from the previous week.
The USDA reported export inspections of US wheat in the latest week at 609,037 tonnes, topping trade expectations for 300,000 to 500,000 tonnes.
Agriculture consultancy IKAR cut its forecast for Russia's 2019 wheat harvest by 700,000 tonnes to 79.3 million tonnes.
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