CBOT wheat futures end lower on ample global supplies, weak demand
CHICAGO, June 1 (Reuters) - Chicago Board of Trade wheat futures ended lower on Monday as early support from higher crude oil prices faded and the market's focus returned to ample global supplies and weak demand for U.S. shipments.
Spillover pressure from lower corn and soybeans further weighed on wheat, along with harvest hedging as U.S. growers are beginning to gather their winter crop.
Wheat has been under pressure from upcoming Northern Hemisphere harvests. While the U.S. crop has suffered irreparable damage from drought, many other countries are on track for good crops.
The U.S. Department of Agriculture is due to update crop progress and condition data later on Monday. Analysts polled by Reuters, on average, expect the agency to rate just 27% of the U.S. winter crop in good-to-excellent condition. Harvesting was expected to be 4% complete.
CBOT July soft red winter wheat WN26 touched its lowest point since May 7 and settled 1-3/4 cents lower at $6.08-3/4 per bushel.
K.C. July hard red winter wheat KWN26 last traded 3-1/4 cents lower at $6.46-1/2 per bushel. Minneapolis July spring wheat MWEN26 ended down 11-1/4 cents to $6.52 per bushel.
