US MIDDAY: wheat higher on supportive stocks

Soft red winter (SRW) wheat futures at the Chicago Board of Trade higher early Tuesday on supportive wheat stocks numbers released by USDA and on a bounce from oversold technicals, traders said.
CBOT wheat closed 5 to 8 cents per bushel higher, with December up 8 at $3.11.
Spillover selling by speculators in early dealings drove December to a new contract low of $2.97 per bushel, below the previous low of $2.99. But the market quickly recovered.
Wheat futures were near oversold technical levels prior to the open with the nine-day relative strength index for December closing Monday at 33.
"Wheat fell to new contract lows on the open and that brought in some new longs because it was oversold. The stocks numbers were neutral to mildly supportive," said Shawn McCambridge, analyst for Prudential Securities.