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Chicago Board of Trade wheat futures settled lower on Monday, with the spot contract nearing a two-week low, as the market continued to digest Friday's larger-than-expected estimates of US spring wheat production, traders said. CBOT December wheat settled down 3-1/2 cents at $4.44-3/4 per bushel after falling to $4.39-1/2, its lowest since September 19.
Minneapolis Grain Exchange spring wheat futures fell the most of the three US wheat markets after the US Department of Agriculture on Friday reported US 2017 "other spring" wheat production at 416 million bushels, well above the average trade estimate of 382 million. MGEX December spring wheat ended down 12-1/4 cents at $6.11-1/2 a bushel after falling to $6.06, the lowest spot price on a continuous chat since June 12. K.C. December hard red winter wheat ended down 3-1/2 cents at $4.39-1/4 a bushel. The USDA reported export inspections of US wheat in the latest week at 691,971 tonnes, topping a range of trade expectations for 325,000-550,000 tonnes.

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