US wheat futures weakened on Wednesday, pressured by profit-taking following two days of grains, traders said. Rain in the US Plains were seen as beneficial for crop development in that key growing region, adding to the bearish tone hanging over the wheat market.
Chicago Board of Trade May soft red winter wheat dropped below key technical support at the 100-day moving average. Support was noted at the 20-day moving average. Analysts were expecting a US Agriculture Department report on Thursday morning to show weekly old-crop wheat export sales of 75,000 to 175,000 tonnes, down from 295,075 a week earlier.
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