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Soft red winter (SRW) wheat futures at the Chicago Board of Trade turned lower on mid-session Friday on quiet exports and on a breakdown in the soybean futures market, traders said.
Pit sources said wheat futures followed soybeans higher on Thursday and were following soy lower on Friday.
"Wheat's a follower right now," a pit source said. At 11:01 am CDT (1601 GMT), CBOT wheat was 2 to 3-1/2 cents per bushel lower, with September down 2-3/4 at $3.18-3/4 after an early high at $3.24.
Prudential Securities sold 200 December in the morning while Cargill Investor Services bought and then sold 100 September, pit sources said. Technical support in the September contract was at $3.14 per bushel and resistance was at $3.26-3/4.

Copyright Reuters, 2004

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