Chicago Board of Trade wheat futures fell Wednesday, as investors squared up positions ahead of the US Department of Agriculture's World Agriculture Supply and Demand Estimates (WASDE) report Thursday, traders said.

CBOT May soft red winter wheat ended down 1 cent at $5.48-1/4 per bushel. K.C. May hard red winter wheat ended up 4-3/4 cents at $4.78 a bushel, while MGEX May spring wheat gained 5-1/2 cents to $5.30.

Dryness across Europe is raising concern about stress for wheat crops recovering from a rain-disrupted sowing season that put the region on course for a smaller harvest.

Ukraine has exported a record 47 million tonnes of grain in its 2019/20 season that began last July, including 18.1 million tonnes of wheat. The US Department of Agriculture (USDA) reported Monday that 62% of US winter wheat crops were in good-to-excellent condition, beating analyst expectations that just 56% of the crop would achieve such a rating.