Wheat futures at the Chicago Board of Trade dropped early on Tuesday in response to the release of bearish wheat production numbers from the US Department of Agriculture, traders said. A sharp drop in soya and a sag in corn futures also lent some additional spillover pressure to wheat futures prices, they said.
At 10:44 am CDT (1544 GMT), CBOT wheat was down 3-1/2 to 6-3/4 cents per bushel. July was down 6-3/4 at $3.20 per bushel. September was down 6-1/2 at $3.28-3/4. USDA early Tuesday, in its July crop production and supply/demand reports, forecast this year's US wheat production at 2.208 billion bushels.