Chicago Board of Trade wheat futures eased on forecasts for rain in key growing regions of the United States and Europe in the next week, providing some much-needed moisture for developing wheat crops in those areas, traders said.
But longer-term concerns about underlying dryness in parts of the US Southern plains proved to be somewhat supportive of the market on Wednesday, traders said.
Frosty temperatures expected in the US Midwest on Saturday could threaten newly planted corn crops and developing soft red winter wheat, meteorologists said on Wednesday.
CBOT July soft red winter wheat settled down 3-1/4 cents at $5.17-1/2 per bushel.
Kansas City July hard red winter wheat slipped 6-1/2 cents to $4.77-1/2 per bushel, while MGEX July spring wheat settled down 2-1/2 cents at $5.07-3/4.
CBOT reported zero deliveries against the expiring May soft red winter wheat contract, no deliveries against the May K.C. hard red winter wheat contract and two deliveries against the MGEX May spring wheat contract.
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