WHEAT futures prices on the Chicago Board of Trade have fallen through the 700 US cents a bushel mark overnight.

Market analysts said snow storms in the US had provided moisture to fend off drought concerns in key wheat growing states.

CBOT March wheat futures fell to 699.25 US c/bu ($A250 a tonne) on news of the latest heavy snowfall.

First contract wheat futures have fallen 26 per cent since peaking at 943 US c/bu, or $A331 a tonne, last July when drought began to take its toll on the US corn crop.