Chicago Board of Trade wheat futures fell sharply Monday on technical selling and profit-taking after last week's multi-month highs, traders said. CBOT July soft red winter wheat settled down 14-3/4 cents at $5.11-1/2 per bushel after reaching $5.38-1/2 last week, its highest since August 1. K.C. July hard red winter wheat ended down 16-1/4 cents Monday at $5.39-1/2 a bushel and MGEX July spring wheat fell 12 cents at $6.11.
Ahead of the USDA's weekly crop progress report later on Monday, analysts on average expected the government to rate 34 percent of the US winter wheat crop in good to excellent condition, up from 33 percent a week earlier.