Wheat futures on the Chicago Board of Trade fell more than 1 percent on Wednesday on technical selling and plentiful global supplies, traders said. CBOT March wheat settled down 5-3/4 cents at $4.01 per bushel. Contract lows were set in back months, starting with the December 2017 contract.
K.C. hard red winter wheat futures fell to contract lows in most months, with most-active March ending down 5 cents at $4.00 after dipping to $3.99-1/2. MGEX December spring wheat closed down 5 cents at $5.29 a bushel. Traders were still digesting news from Tuesday of a larger-than-expected Canadian wheat crop and a likely record-large harvest in Australia.
Ahead of the USDA's monthly supply/demand report on Friday, analysts surveyed by Reuters on average expected the government to trim slightly its forecast of US 2016/17 wheat ending stocks. The CBOT reported 10 deliveries of CBOT December wheat and 24 deliveries of K.C. December hard red winter wheat. The MGEX reported 46 December spring wheat deliveries.
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