Wheat futures on the Chicago Board of Trade fell on Wednesday, following broad weakness in commodities as the dollar firmed for a fourth straight day, making US grain less attractive on the world market. The focus of the wheat market was also shifting back to record-large global inventories, following a freeze last weekend that threatened crops in the southern US Plains winter wheat belt.
CBOT May wheat fell below chart support at its 20- and 30-day moving averages, both near $4.63-1/2. K.C. hard red winter wheat and MGEX spring wheat futures also declined. CME Group has moved closer to launching long-planned European Union wheat futures after resolving contract issues with grain silo operators in France, trade sources said.