US wheat futures fell on Monday on concerns that global economic weakness would limit demand for agricultural commodities, triggering more liquidation of long positions by funds, traders said. The benchmark CBOT contract dropped 2.6 percent, its ninth loss in the last 11 sessions.
Analysts expecting US wheat stocks as of June 1 down 15 percent to 826 million bushels. Analysts see US spring wheat plantings 13.349 million acres, down from previous USDA estimate of 14.427 million. USDA says weekly wheat export inspections 20.61 million bushels, in line with estimates for 20.0 million to 23.0 million.
Exporters reported a change in destination, to Iraq, for 100,000 tonnes of US wheat for 2011/12 delivery - US Agriculture Department. European wheat prices fell sharply on concerns about economic woes. Northern areas of US Plains mostly dry with just a few light showers during next few days. Warmer weather, good for developing crop expected. Weather favourable for harvest of hard red winter wheat crop in southern Plains. Japan's international aid agency tendering to buy about 10,000 tonnes of wheat for donation to Togo - European traders.