Wheat pulls back from 6-month high

Wheat prices closed on Monday, to give up a 6-month high amid wide sell-off on the Chicago commodity exchange (CBOT), due to renewed concerns over the trade war after President Trump's remarks about potential tariffs hike imposed on China if no trade deal is reached.

Wheat futures rose to a 6-month high last Friday, but profit-taking increased on on Monday.

Weak signals about the US exports also weighed on wheat prices, which indicate that demand could decline.

The USDA report showed wheat exports at 246,968 tonnes last week, compared with 434,703 in the previous week, lower than forecasts of around 400,000 to 600,000.

As for trading, wheat futures (December delivery) fell 0.3% to close at $5.43 a bushel, and hit an intraday high of $5.49 and a low of $5.42.