US MIDDAY: wheat higher on stock estimate

Wheat futures on the Chicago Board of Trade were higher at midmorning on Wednesday after the US Department of Agriculture lowered its estimates of US and world wheat ending stocks, traders said.
As of 11:15 am CDT (1615 GMT), CBOT December wheat was up 5-1/2 cents, or 1.6 percent, at $3.48-1/4 per bushel. Deferred months were up 3 to 5-1/2 cents. ABN-Amro was an early buyer of 400 December contracts, traders said.
The USDA in its October crop reports put 2005/06 US wheat ending stocks at 530 million bushels. That was below an average of analysts' estimates of 556 million and USDA's September forecast for 624 million.