Chicago wheat futures dip on profit-taking, larger production forecasts

CHICAGO, July 23 (Reuters) - Chicago Board of Trade wheat futures fell on Wednesday amid signs of profit-taking and reports of ample global supplies, market analysts said.

• Wheat price losses were somewhat capped by a North Dakota crop tour report that came out late on Tuesday, traders said.

• Crop scouts on the first day of an annual three-day tour of North Dakota's hard red spring wheat crop projected above-average yields in the southern part of the top-producing state following plentiful rains this summer, although the yields fell short of a record set last year.

• Findings from day two of the crop tour are expected late on Wednesday.

• CBOT September soft red winter wheat WU25 closed 9 cents lower at $5.40-1/2 per bushel.

• K.C. September hard red winter wheat KWU25 ended down 9-3/4 cents at $5.23-1/2 a bushel.

• Minneapolis September spring wheat MWEU25 - which set a new contract low during the session - settled down 3-3/4 cents at $5.88 a bushel.

• Wheat's price slump also was somewhat limited by inter-market spread trading, market analysts said.

• Fund traders, who have significant net short positions in corn, have been opting to sell corn and buy either wheat or feeder cattle futures instead, said Mike Zuzolo, president of Global Commodity Analytics.