Wheat futures at the Chicago Board of Trade turned higher early on Tuesday on a technical bounce from oversold levels and on weather woes, traders said.
At 10:17 am CDT (1517 GMT), CBOT wheat was up 2 to 5-3/4 cents per bushel, with July up 4-1/4 at $3.72.
Prudential Securities bought 500 July, FIMAT Futures bought 200 July and Refco Inc sold 500 July.
Traders said the wheat market was undergoing a recovery after the market late last week fell sharply, leaving it vulnerable to a technical bounce.
Wheat climbed on Monday on a technical bounce and the gains led to talk that China might be buying US wheat. Cash SRW wheat basis values were steady and farmer selling was quiet.
Technical support in the July contract was at $3.56 and resistance was at $3.73-1/2. Key support is at the 200 day moving average of $3.67-1/4.
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