Chicago Board of Trade wheat futures fell slightly Monday, as strong global crop prospects outweighed a cold snap in the southern US Great Plains that could trim production, traders said.
CBOT May soft red winter wheat ended down 1-1/2 cents at $5.55 per bushel.
K.C. May hard red winter wheat ended up 2 cents at $4.94 a bushel, while MGEX May spring wheat slipped 5 cents to $5.27-1/2.
Growers were monitoring forecasts for frosty temperatures Sunday through Tuesday in southwest Kansas and the Oklahoma and Texas panhandles. Lows were forecast in the low 20s Fahrenheit (minus 4 to minus 7 degrees Celsius), potentially cold enough to damage developing wheat crops.
The US Department of Agriculture (USDA) is due to release weekly crop conditions data later on Monday. Analysts surveyed by Reuters expect 62% of the US winter wheat crop to be rated in good-to-excellent condition as of Sunday, unchanged from the prior week.
Private exporters reported the sale of 120,000 tonnes of hard red winter wheat to unknown destinations, the USDA said on Monday. That followed a 165,000-tonne sale to China on Friday.
After the close, top wheat importer Egypt set a tender to buy wheat from global suppliers for shipment May 15-25 and/or May 26 to June 5.
Ukrainian wheat exports from seaports rose 20% in the week of April 4-10 even as the government tries to retain as much of the grain amid the coronavirus crisis, preliminary data from the APK-Inform consultancy showed on Monday.
Dryness in Russia is raising concerns about this year's wheat harvest among Russian farmers and analysts, though the country is still expected to produce a larger crop than in 2019.
Sudan's government will purchase 200,000 tonnes of wheat in a deal with the United Nations World Food Programme, the country's finance ministry said on Monday, in a bid to bolster strategic reserves amid the coronavirus pandemic.
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