Wheat closes lower after USDA report

Wheat futures fell in the Chicago Merc on Tuesday, after the USDA report on a better-than-expected crop quality.

Analysts expect wheat demand to drop due to the coronavirus outbreak in the US and several other countries.

The US Department of Agriculture (USDA) revealed in its harvest report for 2020 that 62% of winter wheat crops were in a better-than-expected quality, and also better than last year's quality of 60%.

Coronavirus infections rose to more than 1.4 million cases worldwide, and its death toll rose to more than 80,000 victims.

Wheat May futures lost 1.2% to close at $5.49 per bushel, after hitting a day high of $5.55 and a low of $5.45.