US wheat futures fell for the fourth straight trading session on Wednesday as a firm dollar dampened export demand, encouraging traders to lock in profits from last week's rally to four-month highs. The benchmark Chicago Board of Trade December soft red winter wheat futures contract settled down 8-1/2 cents at $4.94-3/4 a bushel its lowest close since October 12.
The market had traded higher early in the trading session, touching $5.08 a bushel, supported by some short covering. Funds sold 2,000 lots. At the Kansas City Board of Trade, December hard red winter wheat ended down 8-1/4 cents at $5.02-1/4 just off the session low of $5.01-1/4, revisiting lows last seen October 12.
Minneapolis Grain Exchange spring wheat for December delivery dropped 7-1/2 cents to $5.19 a bushel, its lowest close since October 9. CFTC Ag Advisory meeting to discuss CBOT wheat convergence set for Thursday morning. Bangladesh's wheat imports could nearly triple to 3 million tonnes in 2009 due to lower prices in world markets.
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