CBOT wheat futures lower on profit taking

Chicago Board of Trade wheat futures sagged 1.9 percent on Thursday as traders locked in profits from a rally that pushed prices to a three-week high on Wednesday. The benchmark CBOT wheat contract notched its first losing session since August 28. K.C. wheat futures also fell after six straight days of gains.
Traders noted light export demand for US supplies, which may be further weakened by logistical issues following Hurricane Harvey and the oncoming Hurricane Irma, as a bearish factor in the wheat market. MGEX spring wheat firmed. Traders said the market was still viewed as oversold after the December contract falling to its lowest since June 15 on Tuesday.