US MIDDAY: wheat lower

Wheat futures at the Chicago Board of Trade were quietly lower at midmorning on Wednesday, retreating from early advances on a lack of momentum, traders said. Prices opened higher, following as Kansas City Board of Trade wheat rebounded from oversold conditions.
Ideas that recent declines in US wheat futures might spark fresh export demand were supportive. Traders noted market talk that Iraq was seeking or may have bought more wheat.
As of 11:35 am CDT (1635 GMT), CBOT September wheat was down 3/4 cent at $3.76 per bushel and December was down 1-1/4 at $3.96, holding above its 200-day moving average of $3.94-1/2. Deferred months were down 1 to up 1 cent.