Chicago Board of Trade wheat futures dropped on Wednesday on technical selling and news of rainfall helping the developing crops in the US Plains winter wheat belt, traders said. CBOT May wheat settled down 3-1/2 cents at $4.45-1/2 per bushel. K.C. May hard red winter wheat ended the day down 3 cents at $4.61 a bushel and MGEX May spring wheat closed down 3-3/4 cents at $5.89-1/2.
Wheat futures fell after rains crossed portions of the southern Plains hard red winter wheat belt this week, bolstering yield prospects for a crop that has struggled with dry conditions, in some areas since October. The USDA this week rated 13 percent of winter wheat in Kansas, the top producer, in good-to-excellent condition, up from 11 percent a week earlier, although still well down from a year ago.
Trade in grains overall, though, was subdued throughout Wednesday, as brokers awaited direction from Thursday's USDA plantings and stocks reports. Traders said they planned to focus heavily on the USDA's quarterly stocks numbers - particularly on any additional stocks gains the federal government may report.
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