US wheat futures closed lower on Tuesday, retreating from early advances on technical selling at the beginning of the month and spillover weakness from soybeans and corn. The start of the US spring wheat harvest may have added pressure as well, traders said. Chicago Board of Trade September wheat settled down 13-1/4 cents at $4.61-1/4 per bushel.
K.C. September hard red winter wheat ended down 9-1/2 cents at $4.65-1/4 and MGEX September spring wheat fell 13-1/4 cents at $7.18. The US Department of Agriculture late Monday rated 31 percent of the US spring wheat crop in good to excellent condition, down from 33 percent a week earlier. Analysts surveyed by Reuters on average had expected no change. The USDA also said the US winter wheat harvest was 88 percent complete and the spring wheat harvest was 9 percent complete. In South Dakota, the spring wheat harvest was 46 percent complete, well ahead of the state's five-year average of 31 percent.
Comments
Comments are closed.