Wheat futures at the Chicago Board of Trade turned lower early on Tuesday on a downward correction from the strong rally on Monday, traders said. Pit sources said locals were sellers in a profit-taking bid after Monday's fund short-covering boosted the market to a one-month high, traders said. At 10:05 am CST (1605 GMT), March wheat was down 2-1/2 cents at $2.99-1/4 per bushel. Other months were down 1-1/2 to 3-1/2 cents per bushel.
Technical traders noted that March closed technically strong on Monday and above the key 20- and 50-day moving averages.
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