Technical selling that spilled over from Tuesday's session and export concerns pressed Chicago Board of Trade wheat futures lower in early dealings on Wednesday, traders said.
At 10:19 am CST (1619 GMT), CBOT wheat was 1 to 3-1/2 cents per bushel lower with May down 2-1/4 at $3.79-1/2.
FIMAT Futures sold 300 May, Refco Inc. bought 200 May, and Prudential Securities bought 400 May.
Wheat ended lower Tuesday on disappointing export news and a late, sharp break in the soy complex. The volatile soy futures markets staged an abrupt recovery on Wednesday, but wheat remained under pressure.
Exports were quiet overnight and disappointment lingered that Egypt on Tuesday bought only 60,000 tonnes of US white wheat while taking 240,000 tonnes from Australia.
Deliveries on the March contract Wednesday were light at 192 lots and strong stopping continued with the ADMIS house account, an ABN Amro customer, and a Tenco customer taking most of the wheat.
Registrations with the CBOT late Tuesday stood at 2,514 lots, unchanged from late Monday.
Technical support in the May contract at $3.79-1/2 was broken, driving the contract to a session low of $3.78-1/2.
Resistance was at $3.86-1/2. The nine-day relative strength index for May was at 33 prior to the open on Wednesday. Technical traders view an RSI of 30 or less as an oversold market and 70 or more as an overbought market.
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