Hard red winter wheat futures on the Kansas City Board of Trade settled lower on Wednesday with beneficial weather in the Plains weighing on an already technically weak market, traders said. The market closed 1/2 cent to 1-3/4 cents lower, with the December at $3.78, down 1 cent, and the March at $3.81, down 1-1/2 cents.
Trade was mostly quiet in what one floor source called "quiet consolidation" pricing. Fimat USA sold 600 December, while FC Stone sold 250 July, pit sources said. Fimat also did 200 of the March-December spread.
Traders said fundamental pressure was tied to forecasts for beneficial rainfall and cooler temperatures moving into the US Plains hard red winter wheat region. The mild weather and moisture should help improve germination of the newly seeded crop.
The market remained in retreat mode after a recent fund-buying rally.