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Chicago Board of Trade (CBOT) wheat futures dropped for a second straight session on Monday on technical selling and profit-taking, and on concerns over rising tensions in the Middle East, analysts said. CBOT March wheat, which last week hit the highest level for a most-active contract in more than 16 months, slipped to a 1-1/2 week low on Monday.
Grain markets were rattled by a US air strike in Baghdad that killed Tehran's most prominent military commander last week in Iraq. The action could threaten future US wheat purchases by Iraq, analysts said.