Broad-based fund long-liquidation and profit-taking drove Chicago Board of Trade wheat futures sharply lower early on Tuesday, traders said.
Prospects for improved US winter wheat crop conditions and better production prospects weighed on the market, as did spill-over pressure stemming from a sharp break in the corn market, they said.
At 10:13 am CDT (1513 GMT), CBOT wheat was down 6 to 13-1/4 cents per bushel, with May down 8-3/4 at $3.98-3/4.
Carr Futures was the main seller, and locals were also featured sellers of the market, pit sources said.
Pit sources said there are outlooks for better wheat production prospects this year following rainfall early this week in the dry areas of the US Plains hard red winter wheat region.
The US Department of Agriculture late Monday said 48 percent of the US winter wheat crop was in good to excellent condition, unchanged from last week but slightly below the 51 percent good to excellent rating of a year ago.
Technical support in the May contract at $4.06-1/2 was broken, driving the contract to the day's low of $3.93-1/4. Resistance was at $4.10.
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