Egypt, the globe's biggest importer of the grain, did not award more than 12 tenders to France, instead preferring the nations in the region around the Black Sea. The European nation's crop office said it expects losses of 23 percent during the 12-month period leading to June 2012, which would be the biggest losses in at least 10 years.
"All the world's wheat is attached at the hip," executive vice president Roy Huckabay with brokerage Linn Group told Bloomberg. "We know there is plenty of wheat around the world, so there's nothing too bullish fundamentally for prices."
At 11:27 a.m. on Tuesday, wheat futures dropped 0.08 percent, a 0.005 cent slip to $6.3775 per bushel.
Tuesday saw a slight increase of European milling of wheat futures as the Chicago market saw apprehension for commerce, according to Reuters. The U.S.' supply of the grain started weak as the shared currency of the European Union lost value to the dollar.
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