"Basically everything is negative across the floor right now. There is a lack of fresh fundamental feature," said Shawn McCambridge analyst for Prudential Securities.
Statistics Canada on Wednesday reported Canadian all-wheat stocks as of December 31 at 20.9 million tonnes, up 16.7 percent from the previous year, and above the average trade estimate of 20.4 million.
Also, the European Union was expected on Thursday to decide on the size of its first wheat export subsidies in 18 months, aimed at reducing a grain surplus.
"We'll wait and see what they do but whatever they come up with it will still be negative for prices here," McCambridge said.
There was nothing in the export market overnight or early Wednesday to generate any bullish momentum for wheat futures. On the global scene, Syria set a tender to sell 100,000 tonnes of wheat.
However, large commodity funds remain heavily net short, a factor that underpinned the market. The CFTC's latest Commitments of Traders report showed large speculators were short in CBOT wheat futures by a margin of more than 2-to-1, leaving the market open to short covering.
The nine-day relative strength index for CBOT March wheat closed Tuesday at 39. Chartists consider an RSI of 30 or less as a sign of an oversold market, and 70 or higher as overbought.
Cash basis bids for SRW in the Midwest were mostly steady on Wednesday.