Chicago Board of Trade wheat futures fell more than 2 percent on Wednesday on technical selling, including long liquidation, and improving weather forecasts for Canadian and US spring wheat regions, traders said. CBOT July soft red winter wheat settled down 14-1/2 cents at $5.22 per bushel. K.C. July hard red winter wheat ended down 15-3/4 cents at $5.40-3/4 a bushel and MGEX July spring wheat fell 16-1/2 cents at $6.11-1/2.
Follow-through selling noted after Tuesday's bearish technical reversal in which the CBOT July contract reached a 10-month high, but then reversed and closed lower. Forecasts for the Canadian Prairies called for cooler and wetter weather in the next 10 days, Radiant Solutions said in a daily note.
The US Department of Agriculture (USDA) late Tuesday rated 38 percent of the US winter wheat crop in good to excellent condition, up from 36 percent the previous week. Analysts on average had expected no change.
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