CBOT wheat ends lower on profit-taking; Sea of Azov in spotlight

Ahead of the U.S. Department of Agriculture's weekly crop progress report due later on Monday, analysts surveyed by Reuters on average expected the government to rate 56% of the U.S. spring wheat crop in good to excellent condition, down from 57% the previous week.

Analysts on average estimated that the U.S. winter wheat harvest was 69% complete, up from 59% last week.

The USDA reported export inspections of U.S. wheat in the latest week at 373,611 metric tons, in line with a range of trade expectations for 300,000 to 500,000 tons. USDA/I

Chicago Board of Trade wheat futures closed lower on profit-taking on Monday after Friday's big 3% jump while traders continued to assess the impact of shipping disruptions through the Sea of Azov, the route for a quarter of Russia's grains exports, traders said.

• CBOT September soft red winter wheat WU26 settled down 5 cents, or 0.8%, at $6.35-1/4 per bushel, retreating after a climb early in the session to $6.53, the contract's highest since May 26.
• K.C. September hard red winter wheat KWU26 ended down 10 cents at $6.66-1/4 a bushel while Minneapolis September spring wheat MWEU26 rose 3/4 cent to settle at $6.53-1/4.
• Wheat had risen sharply on Friday on fears that shipping attacks by Ukraine could disrupt the important Azov Sea export route for Russian wheat. Azov shipping on Monday was reported as restricted.
• However, by Monday, traders appeared to be downplaying the threat of shipping disruptions, analysts said.