Chicago Board of Trade wheat futures fell Wednesday on technical selling and indications that US wheat is not competitively priced on the world market, traders said. K.C. hard red winter and MGEX spring wheat futures followed the lower trend, although CBOT wheat posted the biggest declines.
Top wheat importer Egypt purchased 180,000 tonnes of wheat from Russia and Ukraine in a tender in which the Black Sea grain was about $50 per tonne cheaper than US wheat. Additional pressure from the ongoing harvest of winter wheat in the Northern Hemisphere. The US hard red wheat harvest is currently centered in northern Kansas, Colorado and Nebraska, but heavy rains this week in Oklahoma, Texas and Kansas stalled the tail end of harvest in the southern belt with farmers there abandoning saturated wheat fields.