Soft red winter (SRW) wheat futures at the Chicago Board of Trade turned lower Tuesday morning on spill-over pressure from a significant decline in soybean futures, traders said.
At 10:00 am CDT (1500 GMT), CBOT wheat was down 1/2 to 2-1/4 cents, with September down 2-1/4 at $3.14-3/4 per bushel.
Volume was thin with locals the main sellers. Refco Inc was a light buyer of the September contract, pit sources said.
Pressure on the market also came from only routine exports.
Taiwanese millers bought 43,000 tonnes of US wheat overnight and South Korean millers bought 38,600 tonnes. Wheat traders said the market needs to see a large export sale of US wheat to stimulate a significant boost in wheat futures prices.
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