Wheat futures on the Chicago Board of Trade closed sharply lower on Tuesday, pressured by improving US winter crop conditions and ample global stocks, traders said. K.C. hard red winter wheat futures and MGEX spring wheat futures also settled lower.
Wheat markets were pressured by improving crop conditions in the US Plains and Midwest following rains that boosted soil moisture as the winter wheat crop heads toward dormancy and forecasts for more rain.
The US Department of Agriculture said on Monday afternoon that winter wheat was rated 53 percent good to excellent, up 1 percentage point from a week earlier.
India's wheat planting has been delayed by at least a week due to high temperatures.