Wheat futures on the Chicago Board of Trade fell early on Monday on profit-taking and technical selling, one day after Crimea's vote to join Russia passed without major violence, traders said. CBOT wheat had risen 2 percent on Friday on fears that the weekend referendum in the southern Ukrainian province would lead to heightened unrest and potentially disrupt grain shipments from the Black Sea region.
CBOT May wheat hit a session high of $6.94-1/4 per bushel but turned lower after falling short of last week's multi-month top of $6.96-1/2. The contract settled at $6.74-1/2. USDA reported export inspections of US wheat in the latest week at 496,396 tonnes, within a range of trade estimates for 420,000-540,000 tonnes. Market underpinned by concerns about dry weather in the southern US Plains as winter wheat comes out of dormancy. USDA was scheduled to release weekly crop conditions later on Monday for top wheat producer Kansas and a few other states.
CBOT reported 94 deliveries against the expired CBOT March contract, with the ADM Investor Services house account stopping all. There were 38 deliveries against KC HRW March wheat, all issued by ADM Investor Services house and all stopped by Rand customer. No deliveries for MGEX March spring wheat.
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