Wheat futures on the Chicago Board of Trade fell on Tuesday for a seventh straight session as the market struggled to define a bottom after sliding to a 10-year low spot price, traders said. CBOT September wheat settled down 7-1/4 cents at $3.63-1/4 per bushel after dipping to $3.61-1/2, the lowest spot price on a continuous chart since August 2006.
K.C. September hard red winter wheat followed CBOT wheat lower, but MGEX September spring wheat ended up 2-1/2 cents at $4.90-3/4. Market pressured in part by long liquidation ahead of first notice day for deliveries against the September contract on Wednesday.