CHICAGO: Chicago Board of Trade wheat futures stumbled on Monday under pressure from ample global supplies, while MGEX spring wheat sank to new contract lows, traders said.
* CBOT December soft red winter wheat settled 2-1/2 cents lower at $4.75-1/4 per bushel. The contract pulled back after hitting its highest price in more than a week.
* K.C. December hard red winter wheat ended down 2-3/4 cents at $4.02 a bushel.
* MGEX December spring wheat lost 2-3/4 cents to close at $5.11-3/4 and set a contract low of $5.11.
* MGEX spring wheat came under seasonal pressure from the ongoing US spring wheat harvest and weak cash markets, brokers said.
* The US Department of Agriculture, in a weekly report due later on Monday, is expected to show the US spring wheat harvest as 29% complete, according to a Reuters poll of analysts. That would be up from 16% a week ago.
* The US winter wheat harvest is expected to be 97% complete, up from 93% a week ago, according to the poll.
* On Tuesday, traders will look for the results of a wheat tender that Egypt's General Authority for Supply Commodities issued after the close of CBOT trading.
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