Wheat futures on the Chicago Board of Trade were lower at midsession on Wednesday on a lack of fresh export demand and ideas the market was overpriced, traders said.
"It's really a market that is searching for a price level that will bring the buyers back, and the market does not see that we are at that price level quite yet," Prudential Financial grains analyst Shawn McCambridge said.
As of 11:30 am CDT (1630 GMT), CBOT December wheat was down 3-3/4 cents at $8.10-1/4 per bushel. March was down 5-1/2 at $8.30, while new-crop July was down 1/2 cent at $6.75.
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