CHICAGO: Chicago Board of Trade wheat futures plunged 3.3 percent, the biggest drop in more than a year, on long liquidation by investment funds following some much-needed rains in the US Plains, traders said.

Technical selling also was noted as the benchmark Chicago Board of Trade May soft red winter wheat contract dropped through key support levels at its 30-day and 40-day moving averages during the session.

It was the biggest daily drop in percentage terms for the front-month contract since shedding 3.5 percent on April 1, 2013.

Analysts said that the rainfall was actually less than expected in many parts of the Plains.

But losses accelerated after CBOT May fell through the 23.6 percent point on a Fibonacci retracement from a rally that pushed prices to a nine-month high in late March.

K.C. hard red winter wheat and MGEX spring wheat also posted sharp losses.

The US Agriculture Department said on Monday morning that weekly export inspections of wheat were 495,200 tonnes, below analysts forecasts for 500,000 to 700,000 tonnes.