Chicago Board of Trade wheat futures fell on Wednesday on position-squaring a day ahead of a monthly crop report from the US Department of Agriculture and forecasts for welcome rains in Russia's crop belt, traders said. CBOT July soft red winter wheat settle down 4 cents at $5.10-1/2 per bushel after dipping to $5.06-1/4, the contract's lowest since May 1.
K.C. July hard red winter wheat ended down 6-3/4 cents at $5.31-1/2 a bushel and MGEX July spring wheat fell 2-3/4 cents to $6.11-1/4.
Ahead of the USDA's May supply/demand report on Thursday, the average estimate of US 2018/19 world wheat ending stocks among analysts surveyed by Reuters was 269.18 million tonnes, a modest decline from a record-high 271 million at the end of 2017/18. The average estimate of US 2018/19 winter wheat production was 1.178 million bushels, down from 1.269 million bushels in 2017/18.