US wheat futures plunge on expectations of big EU crop

CHICAGO: Chicago Board of Trade wheat futures plunged on Monday, pressured by reports of bigger-than-expected European yields and reports of disappointing test weights in swaths of the US soft red winter wheat crop, traders said.

* CBOT September soft red winter wheat fell 15-1/4 cents to close at $4.87-1/4 per bushel.

* The most-active soft red winter wheat contract dropped to its lowest since May 30.

* The Wheat Quality Council's annual US spring wheat tour begins this week.

* While rainfall has been slowing the harvest in Nebraska and South Dakota, traders said the rains might be a problem for the spring wheat, because there has been mounting worry of crop disease problems showing up in the crop.

* The European Union is set for a larger wheat harvest this summer. A heat wave in late June wilted some crops but had a less severe impact than initially feared, traders and industry officials said on Friday.

* K.C. September hard red winter wheat ended down 10-3/4 cents at $4.29-1/4 a bushel, and MGEX September spring wheat slipped down 8 cents at $5.21-1/4.

* In Kansas, the top hard red winter wheat-producing state, most farmers will finish harvests early this week, according to Kansas Wheat, an industry group.