Wheat futures on the Chicago Board of Trade were firm early on Tuesday on bullish export prospects, but fund-selling knocked values off their morning highs, traders said.
Traders noted short covering and positioning ahead of the USDA's October crop reports on Wednesday. Analysts expected USDA to lower its forecast for US wheat ending stocks after the government cut its wheat production estimates on September 30.
The average trade estimate for the US wheat carryout was 556 million bushels, below the USDA's September forecast for 624 million.
As of 10:40 am CDT (1540 GMT), CBOT December wheat was up 1/4 cent at $3.40 per bushel after climbing to $3.43. Deferred months were steady to up 2 cents.
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