CBOT March soft red winter wheat settled 6-1/2 cents lower at $5.10 per bushel - its lowest price since December 6. Earlier, the contract fell to $5.09, its lowest price since November 30. K.C. March wheat futures settled down 7 cents to $4.95-1/2 per bushel - falling to the lowest since December 6.
MGEX March spring wheat fell 12-1/4 cents to settle at $5.49-1/4 per bushel. Earlier, it hit a contract low of $5.48 per bushel. The United States inspected 543,126 tonnes of US wheat for export last week, the US Department of Agriculture said on Wednesday. That was in-line with analysts' expectations for 475,000 to 700,000 tonnes.
Hard red winter wheat spot basis bids were flat in the southern US Plains on Wednesday, with declining futures slowing the already reduced pace of farmer sales, dealers said. Farmers were expected to delay sales until 2019 both to defer payments for their grain until a new tax year and in the hope that prices rise, the dealers said.
Such a slowdown in sales is stretching across the grains sector, as traders say corn and soyabean farmers have also cut back on sales as futures prices have fallen and customs data showed China had made no purchase of US soyabeans in November. Last week, Russia's agriculture ministry lifted its forecast for 2018/19 grain exports to 42 million tonnes, which traders interpreted as another sign that the risk of export curbs is easing.