Chicago Board of Trade wheat futures ticked down on Wednesday as rains moving across the U.S. wheat belt pressured prices, traders said.
The wheat market has drawn support from dryness concerns in Henan, a major wheat-producing province in China. Reduced output there could spur more Chinese demand for wheat imports, but good weather in the U.S. wheat belt has put a lid on prices.
Though a planned meeting between senior U.S. and Chinese officials boosted hopes for easing tensions earlier in the trading session, some market players soured after U.S. President Donald Trump said he would not preemptively lower tariffs on China.
European wheat prices edged lower on Wednesday as traders assessed the state of global supplies and awaited the outcome of the meeting between senior U.S. and Chinese officials.
Rain over dry parts of the Black Sea wheat belt has also diminished wheat prices.
CBOT July soft red winter wheat (WN25) fell 1-3/4 cents to $5.34-1/4 per bushel.
K.C. July hard red winter wheat (KWN25) ended 8-1/2 cents lower at $5.29-1/2 per bushel.
Minneapolis July spring wheat (MWEN25) ended 7-1/2 cents lower to $6.03 a bushel.
