Wheat futures at the Chicago Board of Trade were lower early on Wednesday, with September hitting a contract low, on uncertain export prospects and heavy deliveries, traders said.
"Funds are selling everything," one floor source said.
As of 11:15 am CDT (1615 GMT), September wheat was down 6-1/4 cents at $3.01 per bushel, a contract low. Most-active December was down 6 cents at $3.17-1/4, hovering above its contract low of $3.15. Bearish moves in the wheat options pit weighed on values early.