Wheat futures on the Chicago Board of Trade were lower at midmorning on Friday on technical selling by funds and a lack of supportive news, traders said.
The spot December contract fell through key support at its 100-day moving average of $3.40 per bushel, at the top of a gap in the chart from late last week.
Inter-market spreading added pressure, with traders buying corn and selling wheat. Chicago wheat was also losing a bit more ground to Kansas City wheat.
As of 11:45 am CDT (1645 GMT), CBOT December wheat was down 6-1/2 cents, or 1.9 percent, at $3.38-3/4 per bushel, with deferred months down 2 to 6-1/2 cents. Funds sold about 1,000 contracts, traders said.
Comments
Comments are closed.