Chicago Board of Trade (CBOT) wheat futures closed lower on Wednesday for a second straight session on technical selling and profit-taking, with some forecasts calling for drier harvest weather in the southern US Plains after this weekend, traders said.
CBOT July soft red winter wheat settled down 9-1/4 cents at $5.22-1/4 per bushel after dipping to $5.14-1/4, its lowest in a week.
K.C. July hard red winter wheat ended down 7-3/4 cents at $4.57-12 a bushel and MGEX July spring wheat fell 10-3/4 cents to end at $5.41-1/2.
Ahead of the US Department of Agriculture's weekly export sales report on Thursday, analysts expected the government to report weekly wheat sales at 200,000 to 500,000 tonnes.
Egypt's state grains buyer purchased 290,000 tonnes of wheat in an international tender, including 110,000 tonnes of Russian and 180,000 tonnes of Romanian wheat. No US wheat was offered.
Heavy storms that have hit eastern Argentina over the past few days will delay the planting of next season's wheat crop, but should not affect acreage, climate experts said.