Chicago Board of Trade wheat futures were higher on Friday on a short-covering bounce ahead of the weekend, traders said.
Traders said the market was technically oversold after Thursday's fall to 4-1/2-month lows and due for a recovery.
The nine-day relative strength index for May closed Thursday at 18, well below the benchmark 30 level that chartists view as an oversold market.
At 10:27 a.m. CST (1627 GMT), CBOT wheat was unchanged to 3-1/2 cents per bushel higher, with May up 1-3/4 at $3.63.
Carr Futures bought 600 May, Refco Inc bought 200 May and UBS Warburg sold 300 May.
Deliveries on the March contract on Friday totalled 53 lots and there continued to be strong stopping, with the ADMIS house account taking all of the wheat. Registrations with the CBOT late Thursday totalled 2,143 lots, down from 2,160 lots late on Wednesday.
Technical support in the May contract was at $3.62-1/2 and resistance was at $3.68.
The May contract at mid-week fell below its 200-day moving average, which added to the technical bullishness in the market. The 200-day average at Thursday's close was $3.66-1/2.
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