Wheat falls, set for quarterly loss of 16pc ahead of USDA report

SYDNEY, June 30 (Reuters): US wheat futures, set to post its biggest quarterly loss in three-years, fell on Monday as traders squared positions ahead of a US Department of Agriculture report expected to show domestic stocks at a six-year low amid ample global supplies.

Corn fell as the front-month contract was poised to finish the quarter down 12 per cent, the sixth quarterly slide in the last seven, while soybeans was set to finish the quarter down 2.5 per cent despite US stocks seen as hitting a 37-year low.

Chicago Board of Trade front-month wheat fell 0.43 per cent to $5.82-3/4 a bushel, having closed down 0.34 per cent on Friday.

September wheat futures, the most actively traded contract, fell 0.3 per cent to $5.92 a bushel, having firmed 1.54 per cent on Friday.

"The market finished up more than 1 per cent on Friday and all we are seeing today is some squaring of positions ahead of the USDA report tonight," said Andrew Woodhouse, grains analyst, Advance Trading Australasia.