Chicago Board of Trade wheat futures closed lower on Monday on spill-over selling from a sharp drop in corn and deferred soya, traders said.
CBOT wheat closed 1-1/2 to 7 cents per bushel lower, with July down 7 at $3.63. Estimated volume was moderate at 33,608 futures and 6,046 options.
Wheat also found pressure from seasonal harvest of the US winter wheat crop. Active combining of US wheat usually leads to increased country movement and producer hedge selling. Harvest crews are getting busy in the US Great Plains hard red winter wheat region, and active harvesting of the soft red winter crop is expected later this month.
However, rainfall later this week is expected to slow combining of the US Plains hard red winter wheat crop, a private forecaster said on Monday.
After the close, USDA reported that 12 percent of the US winter wheat harvest was completed as of Sunday. That was faster than traders' expectations for harvest to be 7 to 10 percent complete.
USDA also announced late Monday that its monthly US wheat production and supply/demand reports will be released a day early on Thursday. US government offices will be closed on Friday to observe the national day of mourning for former US President Ronald Reagan.
CBOT grain markets will also close their open-outcry day session on Friday. E-cbot grain trade ends at 6 am CDT on Friday morning and resumes Sunday night.
Exports were quiet over the weekend and trade sources have cited no signs of large-volume export tenders coming up for US wheat.
USDA on Monday said 19.641 million bushels of wheat were inspected for export during the week ended last Thursday, below trade estimates for 20.0 million to 25.0 million. USDA said 145,000 tonnes were shipped to China.
Comments
Comments are closed.