"It's very quiet and light volume. The basis was weak yesterday as receipts of wheat increased," a trader said.
MGE December wheat closed down 3 cents at $3.65-1/2 per bushel, with deferred months down 1 to 2-3/4.
Volume was estimated by the exchange at 4,048 contracts, down from 4,194 on Tuesday.
Funds were light sellers of 200 to 400 contracts, an MGE floor source said. That figure was dwarfed by the total in Kansas City, where traders noted fund sales of at least 5,000 lots.
Long liquidation was the feature in Kansas City. Funds have held heavy net long positions in KCBT and MGE wheat and were beginning to roll December positions forward ahead of first notice day for deliveries on November 30.
There also was a bearish sentiment overshadowing the wheat market amid a lagging export pace and generally satisfactory crop weather in the US winter wheat belt.
Overnight export business featured South Korea buying 20,000 tonnes of US wheat.