Chicago Board of Trade wheat futures were lower at midsession on Tuesday, weighed by harvest pressure and a major collapse in CBOT soyabeans, traders said. CBOT new-crop November soyabeans were down more than 47 cents at one point, on the heels of a 50-cent, limit drop on Monday.
November beans fell below $7.00 per bushel for the first time in two weeks on aggressive fund long liquidation.
The latest CFTC Commitments of Traders report showed that large speculators were net short in CBOT wheat futures as of June 21, but net long in soybean futures by a 2-to-1 margin. As of 11:45 am CDT (1645 GMT), CBOT July wheat was down 3 cents at $3.28 per bushel, with deferred months flat to down 2 cents.
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