Wheat futures on the Chicago Board of Trade closed lower on Monday, led by the front September contract on technical selling and a lack of fresh supportive news, traders said. Plentiful world supplies and poor export demand for US wheat continued to serve as an anchor on prices. K.C. hard red winter wheat futures also closed lower while MGEX spring wheat futures ended mixed, with the spot September contract gaining against back months.
Broad weakness in commodities lent pressure. The 19-market Thomson Reuters CoreCommodity CRB Index was down more than 0.8 percent by the CBOT close. Romania reaped a bumper wheat crop of 8.4 million tonnes this year, up 7 percent from 2015 and at a 10-year record high yield, Agriculture Minister Achim Irimescu said on Sunday.
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