Late speculative selling pressed Minneapolis Grain Exchange spring wheat futures to a lower close on Monday, a move that countered gains in the session that were triggered by firm cash markets, traders said.
MGE wheat closed 2-1/2 cents per bushel lower to 3 cents higher, with December down 2-1/2 at $3.69 per bushel. March was down 1/2 at $3.74-1/2. Strong commercial stopping of deliveries against the December contract reminded the market of good demand for higher protein, milling quality spring wheat, they said.
The market took little support from news over the weekend that Egypt bought 505,000 tonnes of wheat because only 115,000 tonnes were purchased from the United States. Along with the US wheat, Egypt bought 120,000 tonnes from France, 30,000 tonnes from Russia and 240,000 tonnes from Australia.
Trade sources in Taipei said Taiwan would tender on Wednesday for 82,760 tonnes of US wheat.
And the Iranian agriculture minister said Iran might need to import up to 400,000 tonnes of wheat before March, a move that would undermine the Islamic Republic's claim to self-sufficiency in grain.
The US Agriculture Department on Monday said 19.3 million bushels of wheat were inspected for export last week, within the range of estimates for 16 million to 22 million bushels.
On Friday's CFTC Commitments of Traders report for futures and options combined showed that as of last on Tuesday large speculators were long 8,850 lots, up 230 from the previous week, and short 640 lots, up 589 lots.