US wheat futures closed weak on Tuesday on a firm dollar and profit-taking after the strong rally late on Monday, in addition to ongoing pressure from slow US exports and a big global supply of wheat. Chicago Board of Trade December wheat settled down 1 cent per bushel at $5.15-3/4, Kansas City hard red winter December wheat unchanged at $5.20 and Minneapolis spring wheat December down 2 at $5.27-1/2.
Funds sold 1,000 lots. Israeli firm tenders for 45,000 tonnes European feed wheat. Warmer and drier weather over the next week in the US winter wheat growing areas conducive to plant growth and germination while abundant soil moisture also beneficial to crop prospects for the 2010 harvest. USDA late on Monday said 79 percent of US winter wheat crop planted, below trade estimates for 80 percent and behind the five-year average of 90 percent. US winter wheat condition 64 percent good to excellent, up from 62 percent a week ago but below 67 percent a year ago.
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