Wheat futures fell on Wednesday, undermined by continued heavy export competition in the international market. Corn was also lower while soybeans bounced.
The US dollar did weaken today but remained near a 5 ½-month high, making US wheat still appear less attractively priced compared to other sources. Forecasts calling for rain in the dry areas of the US southern Plains, including Kansas, and parts of Russia added to the downside. May Chicago wheat fell 12 ¾ cents to $5.37, May Kansas City was down 14 ¾ cents at $5.72 ¾, and May Minneapolis dropped a nickel to $6.33 ¼.
A lack of fresh news and the losses in wheat helped to drag corn lower, with the May contract falling ¾ of a cent to $4.30 ¼, and December down 2 ½ cents at $4.64 ¾.
The strength in soybeans was partially attributed to firming prices in Brazil, and bargaining buying. May beans gained 4 ½ cents to $11.49 ½, and November closed 2 ¾ cents higher at $11.61 ¼.
