U.S. wheat futures settled at a fresh eight-month low Wednesday, pressured by wet weather for U.S. crops and continued concerns about weak export demand for wheat.

Chicago Board of Trade March wheat futures, thinly traded ahead of the contract's expiration March 14, settled down 20 cents, or 2.9%, at $6.76 1/4 a bushel, the lowest settlement for the front-month contract since June 22.

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Snow storms in recent weeks have benefited hard red winter wheat crops in the southern Plains, as well as soft red winter wheat crops in the Midwest. The precipitation has been particularly important in the drought-stricken Plains. Another storm is expected to move across the Plains this week.

Futures also were pressured by positioning ahead of the U.S. Department of Agriculture's monthly world supply-and-demand report due Friday. Analysts say the USDA may cut its forecast for U.S. wheat exports.

Corn futures were pulled lower Wednesday by the decline in wheat, wet weather in the Midwest and positioning ahead of the USDA report.

Soybeans were mixed, with nearby futures pressured by profit-taking after recent gains.

March corn futures fell 24 cents, or 3.3%, to $7.08 a bushel, a one-week low. March soybean futures fell 12 cents, or 0.8%, to $14.84 1/2 a bushel.

Write to Owen Fletcher at owen.fletcher@dowjones.com
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(END) Dow Jones Newswires
March 06, 2013 15:30 ET (20:30 GMT)
DJ U.S. Wheat at Fresh Eight-Month Low on Wet Weather, Weak Exports->copyright