US MIDDAY: wheat down

Wheat futures at the Chicago Board of Trade were down hard at midday on Tuesday as overbought conditions prompted speculators to liquidate long positions, traders said.
Wheat futures were seen as due for a correction after climbing to 10-year highs earlier this month. Large speculators have been expanding their net long position, leaving the market open to liquidation.
As of 11:50 am CST (1750 GMT), CBOT December wheat was down 11-1/2 cents, or 2.5 percent, at $4.89-1/2 per bushel. Deferred months were down 2 to 12 cents. A lack of significant new export demand for US wheat weighed on the market.