Wheat futures at the Chicago Board of Trade turned lower early on Friday amid nervous selling as the neighbouring soybean pit saw another day of volatile trading, pit brokers said.
Wheat held firm at the open on weather worries and export hopes, but quickly sagged as another bout of speculative selling hit soy.
At 10:42 a.m. CDT (1542 GMT), CBOT wheat was 3/4 to 1-1/4 cents per bushel lower, with July down 1/4 at $3.70.
Some mild pressure may be coming from rains this week in Australia's wheat region, which is just now seeing planting.
The SRW wheat cash basis was steady on Thursday, but HRW basis values tumbled as harvest picked up in the southern Plains areas. Texas HRW wheat was 2 percent harvested as of Sunday, May 16.
Technical support in the July contract was at $3.65 and resistance was at $3.79.
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