Front-month wheat futures on the Chicago Board of Trade fell for a ninth straight session on Monday, their longest skid since 1994, on technical selling and expectations of adequate global wheat stockpiles in 2014/15, dealers said. Spot July wheat has declined in 17 of the last 18 sessions and fell to a three-month low of $6.16-1/2 per bushel before settling at $6.20-3/4. The contract stayed above a chart gap between $6.16 and $6.10-1/2 established on March 3.
CBOT September wheat lost ground against December on spreads as traders anticipated an increase in CBOT storage charges. MGEX spring wheat posted the biggest percentage declines, with spot July settling below $7 for the first time since mid-March as worries about US planting delays eased. Weekend rains in the southern US Plains and forecasts for more this week may help heading and maturing hard red winter wheat crops in some areas.
Ukraine's grain exports have risen by 42 percent season-on-season to 31.4 million tonnes so far in the 2013/14 season, the agriculture ministry said. Russian futures prices for new-crop wheat with 12.5 percent protein dropped last week after rains improved prospects, falling to $258 to $265 per tonne FOB, from $263 to $269 the previous week.
