Wheat futures on the Chicago Board of Trade were called to open 2 to 4 cents lower on Tuesday following a weaker trend in overnight trade and a lack of supportive news, traders said.
Also bearish was news that India plans to limit wheat imports at 2.3 million tonnes in 2007, and not 5.0 million as initially planned, the country's farm minister said.
However, calls for CBOT soyabeans to open 10 to 12 cents higher and corn to open 2 to 3 cents firmer could limit declines in wheat. The overnight trend for CBOT wheat was down 4 cents to up 3 cents, with December down 2-3/4 cents at $7.58-1/4 per bushel.