US wheat futures fell on Monday, led by a sharp drop in K.C. hard red winter wheat contracts, on forecasts for rain in the US Plains, traders said. The expected rains raised harvest prospects for the drought-hit hard red winter wheat crop.
K.C. hard red winter wheat for May delivery dropped through its 20- and 200-day moving averages during Monday's trading session. Analysts were expecting a US Agriculture Department report on Monday afternoon to show that 30 percent of the US winter wheat crop was rated good to excellent, unchanged from a week ago.