US winter wheat futures fell more than 5 percent early on Tuesday for the biggest drop in three months as Russia geared up to return to the world wheat export market from July after an absence of nearly a year. Rains in western Europe brought relief to parched crops, which also weighed on wheat prices. Futures were still set to eke out a monthly gain despite heavy selling earlier this month during the biggest commodities rout since 2008.
Chicago Board of Trade (CBOT) wheat for July delivery fell 5.3 percent to $7.76-1/2 a bushel as of 11:55 a.m. CDT (1655 GMT), the biggest drop for a spot month contract three months. The decline accelerated as the contract breached key technical points, including the 20-day and 200-day moving averages. July hard wheat futures on the Kansas City Board of Trade fell 4.1 percent to $9.04-3/4 a bushel, the steepest drop in a month. Corn futures for July delivery fell 1.6 percent to $7.46-1/2 per bushel, while July soyabeans slipped 0.2 percent to $13.76-3/4 per bushel.