US wheat futures closed down on a technical setback and ample global stocks, analysts said on Wednesday. CBOT May wheat settled down 3-1/2 cents at $4.19 per bushel. The market was underpinned by short-covering a day after the CBOT May contract dipped to a two-week low.
Trade estimates for weekly wheat export sales, which will be released on Thursday morning by the US Department of Agriculture, ranged from 350,000 to 750,000 tonnes, up from a week ago. Trade awaits Statistics Canada's plantings report on Friday.