US wheat futures closed lower on Tuesday, pressured by news Egypt snubbed the US in its latest wheat purchase. CBOT December down 8-1/4 cents per bushel at $6.94-1/4. Funds sold an estimated 4,000 contracts. Egypt's GASC buys 230,000 tonnes Argentine, Australian and French wheat for January 1-10 shipment.
USDA said 46 percent of US winter wheat crop was rated good to excellent, down from 47 percent a week earlier; analysts had expected a slight improvement. USDA confirmed sales of 110,000 tonnes US HRW wheat to unknown for 2010/11 delivery.
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