Wheat futures on the Chicago Board of Trade touched a 6-1/2 week high on Monday before turning lower. Wheat rallied late last week on global supply concerns after top exporter Russia temporarily stopped shipping through a navigable waterway called the Don-Azov channel.
The shipping disruption stoked worries about global supplies amid declining production prospects in several major exporting nations. The Department of Agriculture last week forecast the smallest U.S. wheat harvest since 1970 following reduced plantings and a severe Plains drought.
The USDA is expected to report that the U.S. winter wheat crop was 69% harvested as of Sunday, according to analysts polled by Reuters ahead of the USDA's weekly crop progress report due later on Monday.
K.C. September wheat futures KWU27 were down 8 cents near the close on Monday at $6.68-1/4 per bushel.
Basis bids mostly steady in the southern Plains
Basis bids for hard red winter wheat held mostly steady around the southern U.S. Plains on Monday, after a recent surge in futures prices triggered increased farmer sales, merchandisers said.
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