Wheat fell on Tuesday on speculation that high prices may limit demand.

Kansas City and Minneapolis prices reached record levels Monday. Prices could fall as export demand looks to wane. The USDA reported that global inventories are expected to rise 2.4 percent to 110.1 million tons due to Australia and Argentina's attempts to store more wheat and ship less.

Wheat futures for March delivery fell 19 cents, or 2 percent to $9.105 a bushel at 2:15 p.m. on the Chicago Board of Trade.

The price of hard red-winter wheat on the Kansas City Board of Trade fell after a storm affected crops on the U.S. plains in Kansas, Oklahoma and Texas.

In Kansas City, wheat futures for March delivery dropped 9.75 cents or 1 percent, to $9.5175 a bushel. Futures for March delivery were down 11 cents, or 1.1 percent to $10.07 a bushel on the Minneapolis Grain Exchange.