Funds sold 4,000 lots. CBOT soft red winter wheat prices fell as low as $4.96 a bushel in early trading on Tuesday, the first time below the $5 threshold since November 9. Minneapolis Grain Exchange spring wheat for March delivery fell 7 cents to $5.13-1/2 a bushel. It was the lowest close on a continuous basis since October 30.
Kansas City Board of Trade March hard red winter wheat closed down 7 cents, or 1.4 percent, at $5.05, after sliding as low as $5.01-1/2, the lowest point since October 12, earlier in the session. The US Agriculture Department reported export inspections of US wheat in the latest week at 9.398 million bushels, below trade estimates for 10 million to 12 million.
Egypt's Venus to buy 1 million tonnes Kazakh wheat. Iraq issues tender for at least 100,000 tonnes wheat. Falling wheat prices attract international buyers. Tunisia seeks 92,000 tonnes soft wheat, 25,000 tonnes durum - traders. Egypt urges more competitive French wheat - export body. Australia targets Middle East for wheat sales. Saudi Arabia buys 440,000 tonnes wheat. World's farmers to grow less wheat in 2010 - CWB. Bidding war seen amid record-low US SRW wheat acres. Australia autumn rain outlook may aid wheat farmers.