Chicago Board of Trade wheat futures turned lower on Tuesday after a firm open, meeting resistance early due to a lack of follow-through support from Monday, traders said.
CBOT wheat futures were 1-1/2 to 4-3/4 cents per bushel lower by 10:30 am CDT (1530 GMT). September was down 4-3/4 at $3.30-3/4, meeting resistance at $3.36-1/2.
Local traders turned sellers shortly after the open. Also, Fimat Futures sold 300 September; Prudential Securities, Man Financial and Iowa Grain also sold September.
The US soft red winter wheat cash market was steady to weaker as country sales of newly harvested wheat moved into marketing channels. That added to weakness in CBOT futures.
The USDA said on Monday that the US winter wheat harvest was 76 percent complete by Sunday. The soft red winter wheat harvest in Illinois, Ohio, Indiana, Arkansas and Missouri was 96 percent to 99 percent done. But Michigan wheat farmers were just 25 percent complete.
There were more reports of high levels of vomitoxin, a toxic residue of a fungal plant disease, in freshly harvested wheat coming out of southern Michigan and northern Ohio.
Grain dealers in northern Ohio said on Monday that recent wheat loads were averaging five parts per million vomitoxin. Typically, millers begin docking prices at two ppm.
Underpinning the market was a three-point drop in US spring wheat conditions, with USDA rating 68 percent of the crop as good to excellent.
Export business featured South Korea tendering for 20,000 tonnes of US wheat.
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