Wheat futures on the Chicago Board of Trade closed lower on Wednesday on profit-taking and consolidation, a day after the spot March contract touched a near three-month high, traders said. A bounce in the dollar, which makes US grains less competitive globally, added pressure. CBOT March wheat settled 2-1/2 cents lower at $4.31 per bushel, but stayed inside the previous day's trading range.
K.C. March hard red winter wheat ended up 1/4 cent at $4.52-1/4 a bushel while MGEX March spring wheat rose 7 cents at $5.73-1/2 a bushel, rebounding after a sharp drop on Tuesday. CBOT March corn settled down 1/2 cent at $3.65 per bushel after reaching $3.67-3/4, its highest since Oct. 20. Weekly ethanol data from the US Energy Information Administration was delayed until Thursday.
Oklahoma Attorney General Scott Pruitt, President-elect Donald Trump's choice to lead the Environmental Protection Agency, said during his confirmation hearing that he would honour the intent of the US biofuels program but remained open to tweaking it. Corn is the primary US feedstock for ethanol fuel.
Soybeans down 4 to 7 cents per bushel as easing on profit-taking after most-active contract rallied to six-month high on Tuesday. Weakness in crude oil market also weighs on soya complex. Concerns about rain damaging Argentine crop limiting declines. CBOT March soyabeans last down 5 cents at $10.64-1/4 per bushel.