US wheat futures fell Tuesday, handing back nearly all of Monday's gains by the close of pit trading at 1:15 pm CDT (1815 GMT), pressured by the fast-moving harvest in the US Plains, traders said. A firmer dollar, which makes US commodities less attractive to investors looking for a hedge against inflation, also weighed on wheat prices.
The benchmark Chicago Board of Trade July soft red winter wheat contract fell 2.4 percent. Tuesday's loss followed a 2.5 percent rally on Monday. The US Agriculture Department said on Monday afternoon that winter wheat harvest was 20 percent complete, the fastest pace on record. Spring wheat was rated 78 percent good to excellent, down from 79 percent good to excellent a week earlier. MGEX spring wheat was down 1.7 percent. Spot basis bids for hard red winter wheat were steady to firm due to slow farmer selling, grain dealers said.
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