CBOT wheat futures fall two percent

Chicago Board of Trade wheat futures fell 2 percent on Tuesday on pressure from poor export demand for US supplies and profit-taking following a rally on Monday. It was the fifth day of declines in the last six sessions for the benchmark CBOT December wheat contract, which fell below its 200-day moving average. K.C. hard red winter wheat futures and MGEX spring wheat also ended in negative territory.
Expectations for an increase in US winter wheat acreage and good soil moisture in key growing areas of the US Plains and Midwest also weighed on the wheat market. The US Agriculture Department on Tuesday said that farmers had finished 5 percent of their winter wheat seedings. Ukraine's acting agriculture minister said the country's grain exports will rise to 42 million tonnes in the 2018/19 marketing year.