Fund managers appear to be very nervous about current global events. The attack in Nice, France, the developments in Turkey are all leading major funds into a risk off environment and back to the US in general.
Grains have there own fundamental bearish issues as well with record crops likely in the Black Sea states and in the USA. Actually all the major exporters bar the EU are looking at much better crops than last year.

NDVI images from the durum belt in Canada show that the crops there are in very good shape as well.

The Indian monsoon is cranking up with falls in the far west up to 20″ this week in some locations. There has also been good rain in north central India as well.

With corn and soybean futures lower overnight the wheat market had nowhere else to go but lower too. Many punters are under the impression the lows for wheat are in but are being proved wrong on a regular basis of late.