Chicago wheat futures were down more than 1 percent on Monday on concern that demand for wheat was slowing due to the high prices, traders said. March wheat on the Chicago Board of Trade was down 11-cents, or 1.19 percent, at $9.37-per bushel, after hitting $9.35-1/4.
Egypt's main government wheat buyer said on Saturday he had cancelled a tender for 55,000 to 60,000 tonnes of wheat for shipment January 21-31. India's State Trading Corp Ltd is also likely to cancel a tender to import 330,000 tonnes of wheat due to high bids received from global trading firms, according to government officials.
Wheat was also pressured by bearish news from Argentina, where the Agriculture Secretariat left its forecast for the 2007/08 wheat crop at 15.4 million tonnes unchanged from a month ago, despite recent frosts that damaged the crop. Tight global supplies lifted wheat prices above $10 a bushel for the first time last week.