Chicago Board of Trade (CBOT) wheat futures retreated on Monday, weighed down by a firmer US dollar and spillover pressure from falling corn prices, traders said.
CBOT December soft red winter wheat settled down 6-1/4 cents at $5.09-3/4 per bushel.
K.C. December hard red winter wheat closed 3 cents lower at $4.23 a bushel, while MGEX December spring wheat ended the day down 7 cents at $5.24-1/4 a bushel.
US wheat continues to face stiff competition from the Black Sea region and Europe for sales on the global export market. A stronger dollar makes US shipments costlier for buyers holding other currencies.
Egypt's GASC is seeking wheat on the international market for shipment Dec. 15 to 25, with results for the tender expected on Tuesday. EU and Black Sea region wheat have dominated recent GASC tenders.
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