Wheat declined after the U.S. Department of Agriculture said that export sales increased by 51 percent last week, increasing forecasts that importers have enough grain until the next harvest begins in June.
Wheat futures for May delivery declined by 3 percent, or 38.5 cents, to $12.44 a bushel on the Chicago Board of Trade.
Wheat prices increased as high as $13.495 on Feb. 27 as demand increased and adverse weather that reduced global production.
Wheat in Australia and Canada was severely affected by drought, and excessive precipitation reduced yields in the U.S., the largest exporter of the grain.
Canada was forecasted to be the second-largest shipper followed by Russia, Argentine, Kazakhstan and Australia.
U.S. wheat inventories were forecasted to decline to 242 million bushels, or 6.6 million metric tons, by the end of the marketing year, below 456 million bushels last year.
Global stockpiles were forecasted to fall to 110.4 million tons, 12 percent down from the previous marketing year.