Wheat futures at the Chicago Board of Trade fell in volatile dealings on Tuesday on scattered profit taking by speculators, traders said.
Pit sources said Goldenberg Hehmeyer sold 400 March and Man Financial sold 200 March.
At 10:48 am CST (1648 GMT), CBOT wheat was down 5-1/2 to 7-3/4 cents per bushel, with March down 7-1/4 at $3.73.
Wheat climbed on the open amid a surge in soy and on hopes for a sale of US wheat to China, then quickly retreated.
Chinese wheat buyers are visiting the United States this week, but there is some scepticism that China will ship wheat anytime soon.
The buying team on Tuesday said that China is considering buying more US wheat and also said they were not going to switch marketing years on the wheat they had already purchased.
The wheat buyers also said they hoped to settle the shipping details on current wheat purchases.
Technical support in the March contract at $3.76-1/2 per bushel was broken, driving the contract to a session low of $3.71.
Resistance was at $3.84-1/2. The nine-day relative strength index for March stood at 41 prior to the open on Tuesday.
Technical traders view a reading of 30 or less as an oversold market and 70 or more as an overbought market.
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