Chicago Board of Trade wheat futures fell Tuesday on profit-taking a day after the May contract surged 4% to a one-month high, lifted by milling demand as consumers stayed home to avoid the coronavirus and stockpiled bread.
CBOT May soft red winter wheat settled down 1 cent at $5.61-1/2 per bushel and stayed inside of Monday's trading range.
K.C. May hard red winter wheat ended up 1-1/4 cents at $4.90-3/4 while MGEX May spring wheat rose 4-3/4 cents to $5.35, with both markets gaining against CBOT wheat on inter-market spreading.
Weekly US Department of Agriculture crop reports late Monday showed improving winter wheat ratings in the US Plains, bolstering yield prospects.
Russia canceled its temporary export restrictions on processed grains such as ready-to-eat buckwheat, rice or oat flakes, the Interfax news agency reported.
Night frost across Ukrainian northern and central regions could damage some snowless areas sown with winter grain, analyst APK-Inform said.