US MIDDAY: wheat plunges on funds covered short positions

Chicago Board of Trade wheat futures were lower by Wednesday's midsession on a setback after the chart-based climb on Tuesday when funds covered short positions, traders said.
Export business also remains bearish as US farmers face competition from expected large harvests in Australia, Canada, the European Union, and former Soviet Union countries.
CBOT wheat futures were 5 to 6 cents per bushel lower by 11:50 am CDT (1650 GMT). September was down 5-1/2 at $3.03-1/4, trading above support at the contract low of $2.95-1/2 made this week.
December was 5-3/4 lower at $3.16-3/4.
Funds sold about 2,000 lots by the midsession. Calyon, Rand Financial and Refco each sold 500-800 December, floor traders said.