Wheat futures at the Chicago Board of Trade were lower on Tuesday amid quiet exports and on a decline in soybean futures, traders said. An adequate supply of wheat globally also was weighing on the wheat futures market, they said.
CBOT wheat was down 1/2 to 3 cents per bushel. September was down 3 at $3.10-1/2 per bushel. December was down 1-3/4 at $3.24-3/4.
O'Connor and Co sold 400 December and Goldenberg Hehmeyer sold 200 December, pit sources said. Traders also said wheat futures were undergoing a mild technical setback after the firm close on Monday.
Global wheat-watchers cited news on Tuesday that trade sources in Paris said drought this summer prompted the farm ministry to cut its forecast for soft wheat output to 34.83 million tonnes, down from 35.3 million in August.
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