Protein premiums for railcar wheat to and through Kansas City remained in retreat, with declines of 1 cent a bushel seen for 12.00 and 12.20 percent protein wheat and 2-cent declines for 13.00 through 14.00 percent protein wheat.
Dry weather in the Plains was stressing some of the newly emerged crop. Indeed, crop conditions for the winter wheat crop declined over the past week, falling 4 percentage points to 57 percent good to excellent, according to the US Department of Agriculture. The US crop was 84 percent emerged.
In Kansas, the largest US wheat-growing state, the crop was rated 64 percent good to excellent, down from 72 percent the previous week. Ninety percent had emerged as of Sunday.
Futures traders at the Kansas City Board of Trade were looking for hard red winter wheat futures prices to open 1 to 2 cents higher on Tuesday, supported by the decline in the crop conditions.
The KCBT wheat futures market closed 2 to 7 cents lower on Monday, with the December contract down 7 cents at $3.59-3/4 per bushel and the March down 4-3/4 cents at $3.67.
In world wheat news, private group Australian Wheat Forecasters on Tuesday increased its projection for Australia's new wheat crop to 24.52 million tonnes because of better-than-average rainfall across the country. The new estimate is 19 percent higher than the 20.61 million tonnes produced last season.