Chicago Board of Trade wheat futures eased on Tuesday in a profit-taking setback after recent one-month highs, pressured by adequate global supplies and lower corn and soya markets, traders said. CBOT December soft red winter wheat settled down 4-1/2 cents at $4.84-1/4 per bushel. K.C. December hard red winter wheat ended down 6-3/4 cents at $4.02-1/4 a bushel. MGEX December spring wheat fell 2-1/2 cents to settle at $5.06-1/2 a bushel.

Wheat tracked corn and soyabeans lower as commodities markets, in general, retreated in tandem with lower crude oil prices. Oil prices dropped about 6% on Tuesday after a Monday rally that took prices up more than 12 percent. Wheat was weighed down by headwinds in export markets due to ample wheat supplies in rival exporting countries.

The US Department of Agriculture, in a weekly crop progress report on Monday, said that 8% of the winter wheat crop had been planted as of Sept. 15, in line with market expectations.

Copyright Reuters, 2019