US MIDDAY: wheat down on spillover pressure

Wheat futures at the Chicago Board of Trade dropped early on Tuesday in response to the release of bearish wheat production numbers from the US Department of Agriculture, traders said. A sharp drop in soya and a sag in corn futures also lent some additional spillover pressure to wheat futures prices, they said.
At 10:44 am CDT (1544 GMT), CBOT wheat was down 3-1/2 to 6-3/4 cents per bushel. July was down 6-3/4 at $3.20 per bushel. September was down 6-1/2 at $3.28-3/4. USDA early Tuesday, in its July crop production and supply/demand reports, forecast this year's US wheat production at 2.208 billion bushels.