Wheat futures on the Chicago Board of Trade ended down on Tuesday, led lower by a late profit-taking break in soya, traders said. CBOT wheat closed 1 to 4 cents per bushel lower. July was down 4 at $3.35 per bushel. Wheat futures Tuesday traded on both sides of yesterday's settlement levels with the market buffeted by volatile soya and bouts of profit-taking.
Wheat volume was heavy, estimated at 62,765 futures and 19,390 options.
Traders said volatile dealings probably would continue. Monday's jump pushed wheat futures into overbought technical levels. The nine-day relative strength index for July closed Monday at 74. Chartists view an RSI of 70 or above as an overbought market.
Seasonal harvest pressure from the expanding winter wheat harvest was a bearish factor, although unexpected storms overnight in the US Plains could cause minor slowdowns in the harvest of hard red winter wheat.
Private forecaster Meteorlogix said there was some unexpected rainfall overnight Monday in Nebraska and in north-west and north central Kansas.
The US Department of Agriculture said 22 percent of the US winter wheat crop had been harvested as of Sunday, below the five-year average of 29 percent. The harvest was 10 percent complete in Kansas and 62 percent complete in Oklahoma.
The harvest of soft red winter wheat was under way as well, with 24 percent cut in Illinois and 74 percent in Arkansas.
USDA said 50 percent of the US winter wheat crop was rated good to excellent, down from 51 percent a week earlier. Spring wheat ratings edged lower, with 79 percent rated good to excellent, from 81 percent the previous week.
Cash basis bids for SRW in the Midwest were steady, merchandisers said.
Wheat export business was quiet overnight. Syria tendered to sell 50,000 tonnes of soft milling wheat and 50,000 tonnes of durum.