CBOT wheat at contract lows on spillover weakness from corn

CHICAGO, Aug 5 (Reuters) - U.S. wheat futures plunged on Tuesday close to their lowest point since 2020 as sinking corn futures and seasonal supply pressure from Northern Hemisphere harvests weighed on the market, traders said.

• For spring wheat, the U.S. Department of Agriculture rated 48% of the crop as being in good or excellent condition, down a percentage point from a week earlier. The crop was 5% harvested as of Sunday, on the lower end of a range of analysts' estimates.

• The winter wheat harvest was 86% complete, compared to 80% a week ago.

• Rain has also eased concern over dryness affecting wheat in Canada as well as in Southern Hemisphere exporters Australia and Argentina.

• South Korea's Major Feedmill Group (MFG) purchased around 65,000 metric tons of animal feed wheat to be sourced from the United States in a private deal on Tuesday without issuing an international tender, European traders said.

• CBOT September soft red winter wheat WU25 fell 8-1/2 cents to $5.08-1/4 a bushel. All contracts hit lifetime lows.

• K.C. September hard red winter wheat KWU25 last traded down 12-1/2 cents to $5.04-1/2 a bushel.

• Minneapolis September spring wheat MWEU25 settled 2-3/4 cents lower at $5.70-1/4 a bushel.