Chicago Board of Trade (CBOT) wheat futures fell on Wednesday, pressured by technical selling and profit-taking after hitting a three-month high the previous session. CBOT July soft red winter wheat settled 6 cents lower at $4.72-3/4 per bushel. The contract failed to breach chart resistance at its 100-day moving average.
K.C. July hard red winter wheat ended down 3-3/4 cents at $4.32-1/4 a bushel, while MGEX July spring wheat ended up 3/4 cent at $5.43-3/4 a bushel. Heavy rain across the southern Plains wheat belt has raised concerns that some of the developing hard red winter wheat crop may have been damaged or destroyed.