Chicago Board of Trade (CBOT) wheat futures fell for the second consecutive session on Tuesday to a 10-month low as cheaper global supplies weighed on the US market. CBOT May soft red winter wheat fell 4-1/2 cents to $4.68-1/4 a bushel. It fell to the lowest for a most-active contract since April 17 at $4.63-3/4 a bushel.

K.C. May hard red winter wheat dropped 6 cents to end at $4.44-1/4 a bushel, while MGEX March spring wheat rose 2 cents to $5.55 a bushel. Wheat was weighed down by stiff global competition from lower-cost suppliers such as Russia.

Futures also fell on technical selling. All Chicago and K.C. wheat futures contracts posted contract lows for a second consecutive session. Condition ratings for winter wheat declined from late November to late February across much of the US Plains, the US Department of Agriculture said on Monday.

Copyright Reuters, 2019