US wheat futures fell sharply on Monday as traders locked in profits after prices rose to their highest level in three weeks early in the trading session. Weakness hit the wheat market after corn prices dipped, a trader on the floor of the Chicago Board of Trade said. Benchmark CBOT soft red winter wheat contract fell 14-3/4 cents to $7.02-1/2 a bushel, a 2.1 percent drop.
Funds sold 2,000 contracts. At the Kansas City Board of Trade, December hard red winter wheat ended down 16-3/4 cents at $7.54-1/4. Minneapolis Grain Exchange December spring wheat was off 10 cents at $7.66-3/4.