Chicago Board of Trade wheat futures faced technical selling and market pressures on Monday, struggling to shake off trader worries about overall US exports after US President Donald Trump said he would raise tariffs on Chinese goods this week. CBOT July soft red winter (SRW) wheat settled down 3/4 cent at $4.37-1/4 per bushel.
July hard red winter (HRW) wheat ended up 1-1/2 cents at $4.03 a bushel. MGEX July spring wheat ended the day unchanged at $5.15 a bushel. The impact of Trump's tweet on Sunday was felt across the grain futures markets before the US market opened on Monday morning: Benchmark CBOT July wheat futures fell below five-day moving average during overnight trading session.
Minimal weather concerns in key production areas around the world were seen keeping global wheat supplies abundant. The US Agriculture Department on Monday said weekly export inspections of wheat totalled 477,918 tonnes, down from 630,402 tonnes a week earlier.
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