Chicago Board of Trade soft red winter wheat futures fell on Wednesday on a round of profit taking after a rally on Tuesday pushed prices to their highest since July, traders said. K.C. hard red winter wheat futures firmed slightly, underpinned by concerns over drought stress in the US Plains curtailing harvest yields in that key production area.
Yield potential for hard red winter wheat in southwest Kansas and northwestern Oklahoma is roughly half that of a year ago as exceptional drought conditions take a toll on the crop, scouts on an annual tour said on Wednesday. MGEX spring wheat futures also closed in positive territory, with a slow pace of planting in North Dakota providing support.
The most-active CBOT soft red winter wheat contract peaked at $5.34-1/2, its highest since July 13, before turning lower. Analysts were expecting a US Agriculture Department report on Thursday morning to show weekly wheat export sales in a range from 100,000 to 600,000 tonnes.
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