Chicago Board of Trade wheat futures tumbled on Monday on spillover pressure from losses in corn and soyabean futures, traders said. CBOT September soft red winter wheat settled down 15-1/4 cents at $5.07-3/4 per bushel. K.C. September hard red winter wheat ended 18-1/4 cents lower at $4.49 a bushel, and MGEX September spring wheat lost 10-1/4 cents to $5.32-1/2.
The advancing US harvest helped push down K.C. wheat prices, traders said. Hot, dry weather helped Kansas farmers make progress on their harvests during the weekend, they said. Analysts expect the US Department of Agriculture to report the US winter wheat harvest as 62% complete, up from 47% a week earlier, in a report later on Monday, according to a Reuters poll.
Analysts, on average, expect the USDA to rate 78% of the US spring wheat crop as good to excellent, steady with a week ago.