US wheat futures mostly lower

US wheat futures closed mostly lower on Thursday as a downturn in corn prices cast a bearish tone on the market that some traders viewed as overbought. Profit-taking also weighed on prices as traders said there was little fundamental reason for prices to be up more than 6 percent during the past week.
The benchmark Chicago Board of Trade December soft red winter wheat contract settled down 2 cents at $7.00-3/4 a bushel. Funds bought 1,000 contracts. At the Kansas City Board of Trade, December hard red winter wheat fell 2-1/2 cents to $7.40-1/2 a bushel. Minneapolis Grain Exchange spring wheat for December delivery edged higher, rising 1/4 cent to $7.51-1/4. Japan bought 100,339 tonnes of food wheat from United States and Australia in regular tender. French analyst Strategie Grains sees EU soft wheat crop at 127.9 million tonnes, up 700,000 tonnes.