Soft red winter wheat futures on the Chicago Board of Trade were called to open 7 to 10 cents per bushel lower on Tuesday in a setback from recent record highs, traders said. News that Egypt's main grain buyer, the General Authority for Supply Commodities, bypassed US wheat at a snap tender and instead bought 80,000 tonnes of Russian wheat added pressure.
The overnight trend for CBOT soft red winter wheat was down 10-3/4 cents per bushel to up 1/2 cent, with December down 7 at $9.45-1/2. Contract highs were hit in some back months. On the export front, Morocco granted licenses to buy 264,700 tonnes of soft wheat. And South Korean millers bought a total of 73,000 tonnes of US wheat.