Chicago Board of Trade wheat futures sank on Monday as U.S. President Donald Trump leveled attacks at U.S. Federal Reserve Chair Jerome Powell, and wet weather is expected to aid crop growth in the U.S. Plains, according to forecasters.
CBOT July soft red winter wheat (WN25) settled down 10 cents to $5.52-1/4 per bushel.
K.C. July hard red winter wheat (KWN25) ended down 6-1/4 cents to $5.63-3/4 a bushel and Minneapolis July spring wheat (MWEN25) fell 5-1/4 cents to settle at $6.14 a bushel.
Wheat followed outside markets to losses as Trump ramped up his attacks on Powell, prompting investors to worry about the central bank's independence. Trump called Powell a "major loser" and warned that an economic downturn could result if interest rates are not lowered immediately.
Southwest Kansas and Colorado wheat will be drier in the coming weeks, according to Commodity Weather Group, but rains will aid soil moisture in the rest of the U.S. Plains.
