Cereals contaminated by Aspergillus spp., Penicillium spp., and Fusarium spp. and their mycotoxins, for example, ochratoxin A (OTA) and deoxynivalenol (DON), are not only a risk to human and animal health but can also show poor technological properties and baking quality. The influence of these genera on the sulfur speciation of low molecular weight (LMW) subunits of glutenin was characterized by investigating suboptimally stored wheat samples in situ by X-ray absorption near edge structure (XANES) spectroscopy and baking tests. Field fungi of the genus Fusarium have hardly any influence on both the sulfur speciation of wheat gluten proteins and the baking properties, whereas storage fungi of the genera Aspergillus and Penicillium have a direct influence. An increased amount of sulfur in sulfonic acid state was found, which is not available for thiol/disulfide exchange reactions in the gluten network, and thus leads to a considerably reduced baking volume. From changes of the composition of the mould flora during suboptimal storage of wheat and from the mycotoxin contents, it can be concluded that microbial competitive interactions play an important role in the development of the mould flora and the mycotoxin concentrations during (suboptimal) storage of wheat.