Pressure on SRW also came from news that an order for US SRW wheat to China had been changed to spring wheat, they said. CBOT wheat closed 4 to 5-3/4 cents per bushel lower, with September down 5-1/2 at $3.06.
Volume was moderate estimated at 28,578 futures and 5,131 options. Egypt issued a tender late on Tuesday for 50,000 to 60,000 tonnes of US, French or Australian wheat. But Egypt's main grain buying agency, the General Authority for Supply Commodities, said on Wednesday that prices "were not suitable."
Also the US Agriculture Department said on Wednesday that exporters had switched a sale of 140,000 tonnes of SRW wheat to China to spring wheat. That pressured Chicago futures and supported prices on the Minneapolis Grain Exchange, where spring wheat futures are traded.
The growing global supply of wheat continues to hamper attempts to rally the futures market. A drought last year cut wheat output in Australia, Canada and Europe, but production has rebounded this year amid satisfactory growing conditions.
Exports overnight were routine, with South Korea seeking 41,000 tonnes of US wheat. Cash basis bids were steady for SRW wheat in the Midwest and farmer selling was light amid low harvest-period prices.
The nine-day relative strength index for September closed on Wednesday at 42. Chartists view an RSI of 30 or less as an oversold market and 70 or more as overbought.
Technical support in the September contract at $3.09-1/2 was broken, driving the contract to a session low of $3.04-1/2. Resistance at $3.13 was broken earlier in the day, driving the contract to a session high of $3.16.