US wheat futures sank 2.9 percent on Tuesday, on track for their biggest daily decline in four weeks as forecasts called for improving harvest conditions for the winter crop good weather for spring wheat development. "Drier weather begins to develop in the southern Plains starting this weekend to improve harvest conditions," Commodity Weather Group said in a note to clients.
Corn and soyabean futures fell on pressure from technical selling after overnight strength failed to push prices above highs hit late last week. Both corn and soyabeans were on track to post monthly gains, the second in a row for corn and the third in a row for soyabeans. Wheat was set for its first monthly loss since February. The most-active soyabean contract on the Chicago Board of Trade was up 5.1 percent for the month. Corn has gained 4.0 percent in May, while wheat was down 4.0 percent for the month.
At 10:26 am CDT (1526 GMT), CBOT July wheat futures were off 12-3/4 cents at $4.68-3/4 a bushel. Prices had shown strength during overnight trading before hitting resistance as they neared high end of the 20-day Bollinger range. CBOT July corn was down 5-1/2 cents at $4.07-1/4 a bushel and CBOT July soyabeans fell 4-1/2 cents to $10.82 a bushel. Concerns about the size of the harvest in both North and South America limited the selling in soyabeans. The Argentine shortfalls were boosting demand for US supplies. The US Agriculture Department on Tuesday morning said private exporters sold 213,000 tonnes of US soyabeans to unknown destinations, 73,000 tonnes for 2015/16 delivery and 140,000 tonnes for 2016/17.