May wheat was down 17-1/2 cents at $8.08-1/2 per bushel, new-crop July was down 18 at $8.23. Setting back from Monday's rally on technical selling and profit-taking as corn came off its highs. Prospects for a large US world wheat crop add pressure, along with strength in the dollar and declines in gold and crude oil.
USDA said 46 percent of the US winter wheat crop was rated good/excellent, up from 45 percent a week ago but below the 56 percent good to excellent a year ago. USDA said the US winter wheat crop was 15 percent headed by Sunday, behind the five-year average of 25 percent. USDA said the US spring wheat crop was 34 percent planted, behind the five-year average of 40 percent.
Exporters sell 116,800 T US HRW wheat to Brazil, USDA reported. Ukraine 2008 grain, wheat crops seen rising, analyst said. Australia resumes Iraq wheat sales with Glencore deal. Southwest US wheat areas remain too dry, and weekend cold snap needs to be watched. Midwest had frost early Tuesday but SRW crop too immature for major damage.
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