Wheat futures on the Chicago Board of Trade were lower early on Wednesday on a retreat after Tuesday's fund-driven climb to nine-month highs, traders said. As of 10:35 am CST (1635 GMT), CBOT May wheat was down 5-3/4 cents at $3.62-1/4 per bushel and July was down 5-3/4 at $3.69-1/4. Cargill Investor Services was a featured early seller of 500 May contracts, traders said.
Traders said there was no fundamental reason for wheat to rally on Tuesday, but values had climbed along with the rest of the CBOT grains complex as funds continued their buying spree.
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