US wheat futures fell in early trading on Wednesday as a firm dollar hurt prospects for US wheat on the export market as many world buyers already viewed US supplies as too expensive. Corn and soyabean futures also fell, as bearish outside markets cast a shadow on agricultural commodities, but the declines were limited as those prices have not rallied as sharply as wheat futures have in recent weeks.
Traders noted positioning ahead of the US Agriculture Department's monthly supply and demand report, set for release on Thursday morning. Analysts were expecting the report to forecast large US corn and soybean crops as well as plentiful domestic wheat supplies.
September wheat down 10-3/4 cents at $6.84 per bushel. New-crop July down 11-1/2 cents at $7.02. September corn down 1/4 cent at $3.93-1/4 a bushel. August soyabeans down 1/4 cent at $10.36 per bushel; new-crop November down 5-1/4 cents at $10.16-3/4.