Soft red winter wheat futures at the Chicago Board of Trade held firm early on Tuesday on technical gains, traders said.
Nearby December moved above short-term resistance at its 14-day moving average of $3.07-1/2 and again at its 20-day ma of $3.09-1/2. The market was rangebound between those two levels in early dealings.
At 10:36 am CST (1636 GMT), CBOT wheat was up 2-1/2 to 3 cents per bushel, with December up 2-3/4 at $3.09 per bushel.
Locals were buyers and Cargill Investor Services bought 100 December. Refco Inc sold 200 December.
Wheat traders remained on edge amid the volatile dealings in the soybean futures pit. Wheat ended up on Monday following a strong lead in soy. Soybeans are being buffeted by concerns about the potential spread through the United States of the devastating Asian soy rust.
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