Wheat prices sharply fall (-10.2).

The grain markets are starting the week with a negative price outlook due to weather forecasts across the US Midwest that suggests additional planting progress for the Corn Belt.

Officials in India estimated wheat production at 93.62 million tonnes, down slightly from 93.88 a year ago, but up from their forecast of 92.3 million. Egypt failed to release an export tender last week and the lineup is rather quiet to start the week. An Indian firm offered wheat on a Bangladesh tender and Libya is in for 50,000 tonnes.

Continued dry weather in Russia’s southern region is beginning to raise concern over total grain production in the 2013/14 crop year which government is expected at the level of 95 million tonnes.