Chicago Board of Trade (CBOT) wheat futures fell on Wednesday, failing to rebound after hitting contract lows this week following concerns over international demand for US supplies. CBOT May soft red winter wheat fell 1-1/2 cents to $4.66-3/4 a bushel. K.C. May hard red winter wheat rose 1-1/4 cents to end at $4.45-1/2 a bushel, while MGEX March spring wheat fell 1 cent to $5.54 a bushel.
Stiff global competition has weighed on wheat futures recently. All Chicago and K.C. wheat futures contracts posted contract lows earlier this week. Russia, the world's largest wheat exporter, does not plan to impose restrictions on grain exports, the Agriculture Ministry said on Wednesday.