Chicago Board of Trade wheat futures fell on Wednesday for the first time in three sessions on positioning ahead of a US government crop report due on Thursday and on spillover pressure from lower corn and soy, traders said. CBOT December soft red winter wheat settled 4-3/4 cents lower at $4.77-1/2 a bushel.

K.C. December hard red winter wheat ended down 5-1/4 cents at $3.98-1/2 a bushel and MGEX December spring wheat declined 1-1/2 cents to $5.02-1/4. Traders squared positions ahead of a US Department of Agriculture (USDA) monthly crop report on Thursday. The agency is expected to reduce US corn and soy production forecasts. Abundant global wheat supplies and stiff export competition hung over the market.

Copyright Reuters, 2019