US wheat futures fell on Wednesday to their lowest in more than two weeks on a round of profit-taking after prices unexpectedly firmed during overnight trading, traders said. Weak demand in the export market for US supplies also pressured the market. Fresh contract lows for Chicago Board of Trade September, December and March wheat were made on Wednesday.
MGEX spring wheat also made fresh contract lows on expectations of a big harvest in the northern US Plains. The United States picked up only a little business in the flurry of wheat tenders in recent days, even with futures prices still trending near 10-year lows hit earlier this month.
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