Wheat fell following Argentina's statement on Tuesday that resumed its export registration for the grain.
Wheat futures for March delivery declined 15.5 cents, or 1.6 percent, to $9.475 a bushel at 11:57 a.m. on the Chicago Board of Trade. Grain futures for March delivery on the Kansas City Board of Trade declined 12.5 cents, or 1.3 percent, to $9.875 a bushel.
Before the drop today wheat had risen 8.8 percent higher this month. Grain futures have more than doubled in the past year, with a record gain of $10.095 on Dec. 17, following high demand from importers who speculated there would be a decline in wheat supply.
In November last year, Argentina, the world's fourth largest shipper of wheat, stopped registrations in an effort to retain domestic stockpiles and prevent food price inflation.
However, the Argentine government said exporters now can sell two million metric tons of wheat from inventories.
According to the government data, wheat was the fourth biggest U.S. crop in 2006, valued at $7.7 billion, with corn, soybeans and hay in the lead.