CBOT December soft red winter wheat settled down 2 cents at $4.22-3/4 a bushel.

CBOT December wheat fell as traders sold nearby contracts against back months on expectations that storage rates on deliverable CBOT wheat would remain unchanged next month at roughly 11 cents per bushel per month.

CME Group, parent of the CBOT, periodically adjusts wheat CBOT wheat storage rates under its "variable storage rates" rules. The next announcement on storage rates is expected after Friday's trading session.

K.C. December hard red winter wheat ended up 3/4 cent at $4.21 a bushel while MGEX December spring wheat fell 1/4 cent at $6.26-3/4.

US markets will be closed on Thursday for Thanksgiving, with CBOT trade resuming Friday at 8:30 a.m. CST (1430 GMT).

Ahead of the US Department of Agriculture's weekly export sales report, which is delayed until Friday, analysts expected the government to report wheat export sales at 350,000 to 550,000 tonnes.