Wheat futures at the Chicago Board of Trade were lower at midmorning on Wednesday, bucking higher opening calls amid forecasts for rain this week and next week in the US Plains wheat belt, traders said.
The Kansas City market was again the leader, posting early double-digit declines in response to the forecasts. Dry weather over the winter has stressed the Plains wheat crop, raising concerns about a cut in US winter wheat production.
As of 10:35 am CDT (1535 GMT), CBOT May wheat was down 2 cents at $3.53 per bushel and July was down 2-1/2 at $3.65-3/4.
In Chicago, Citigroup, Refco-Man and Tenco Inc each sold 400 to 500 July contracts, while ADM Investor Services was a noted seller in Kansas City, traders said.