Hard red winter wheat futures on the Kansas City Board of Trade settled nearly 3 percent lower on Wednesday, extending losses amid improved weather for Australian and Argentine wheat-growing areas. The KCBT September wheat contract closed down 25-3/4 cents, or 2.97 percent, at $8.40, after sliding to $8.35, and the December ended down 25 cents at $8.63 after sliding to $8.57.
Losses came as beneficial rainfall was forecast for Australian wheat-growing areas over the next three to five days and showers were also expected Wednesday and overnight Wednesday in Argentina's Buenos Aires and southern Santa Fe wheat-growing areas. Turkey tenders for 250,000 tonnes wheat and Bangladesh issues tender for 100,000 tonnes wheat.