US wheat futures lower

US wheat futures dropped on Wednesday, with traders saying prices needed to fall for US supplies to become competitive on the export market. The benchmark Chicago Board of Trade March soft red winter wheat futures contract dropped below its 20-day moving average but found support at its 30-day moving average, a level it has not traded below since December 12.

K.C. hard red winter wheat futures dropped to a three-week low on a continuous basis. MGEX spring wheat hit its lowest since December 20. CBOT wheat, K.C. wheat and MGEX wheat all closed near session lows.