Wheat futures slide 10–11.5 cents in Monday early trade across CBOT, KCBT and MIAX

Wheat futures opened Monday with broad losses, with the front-month CBOT, KCBT and MIAX contracts down 10–11.5 cents. The drop followed a $4.65 slide in crude oil after reports that the U.S. and Iran reached a peace deal over the weekend, undercutting cost and inflation-related support. CFTC data showed managed money cutting longs and adding shorts in Chicago wheat, pushing the net short to 79,407 contracts, while Kansas City wheat flipped to a net short. New-crop export sales were 21.77% of the USDA projection, below the five-year average pace of 23.18%.