US wheat futures weakened on Tuesday, closing near contract lows on a round of profit taking after prices hit six-month high, traders said. MGEX spring wheat notched the biggest decline, sinking 1.4 percent to its lowest in more than a week. Concerns about dry conditions in the US Plains reducing the size of the winter wheat crop limited the declines K.C. hard red winter wheat and CBOT soft red winter wheat prices.
CBOT March soft red winter wheat futures faced technical resistance as it neared its 200-day moving average.