Wheat futures on the Chicago Board of Trade fell on Wednesday, nearing three-month lows on technical buying and weak export demand for US supplies due to cheaper grain from other origins, traders said. An upturn in the dollar added pressure, making US wheat less attractive to those holding other currencies. Front-month K.C. hard red winter wheat dipped to $4.45-1/2 per bushel, the lowest spot price since April 2007, after CME Group reported 145 deliveries against the September K.C.
wheat contract. MGEX spring wheat futures also closed lower, with deferred months setting contract lows. But declines were smaller than those in CBOT or K.C. wheat. CBOT reported 45 new deliveries against CBOT wheat futures. There were no deliveries against MGEX September spring wheat. Strong competition for wheat business was underscored by news that Algeria paid a relatively low price of $195 to $196 a tonne, cost and freight, to buy at least 400,000 tonnes of wheat in a tender that closed on Tuesday.