Chicago Board of Trade wheat futures settled lower on Monday, pressured by declines in corn and positioning a day ahead of monthly supply/demand reports from the US Department of Agriculture, traders said. Analysts expect the USDA on Tuesday to raise its forecast of US wheat production, and raise its projections for 2016/17 US and world wheat ending stocks.
A stronger dollar added pressure, making US wheat less competitive on the global market. CBOT September soft red winter wheat settled down 4-1/2 cents at $4.30-1/2 per bushel. K.C. hard red winter wheat and MGEX spring wheat futures also closed lower.