US wheat futures fell to contract lows on Monday as rain in the US Plains and favorable crop weather in key production areas around the world was seen boosting global harvest prospects. CBOT July soft red winter (SRW) wheat settled down 7-1/4 cents at $4.35-1/4 per bushel after posting a contract low of $4.33-3/4 during the session. May futures also set a new contract lows.
K.C. July hard red winter (HRW) wheat ended down 10-1/2 cents at $3.97 a bushel. All months posted contract lows. MGEX July spring wheat fell 4-1/4 cents and settled at $5.07-1/2. The May 2019 through May 2020 contracts posted life-of-contract lows. HRW led the decline in wheat amid rainy weather across the Plains wheat belt, where crops are already in good shape.
Analysts polled by Reuters expect 62 percent of the US winter wheat crop to be rated in good-to-excellent condition in a weekly US Department of Agriculture report due later on Monday. Good weather in parts of Russia and the European Union was also seen boosting crops in the key global wheat production areas. Spring wheat futures declined despite slow planting progress seen at about 12 percent done.
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