Wheat futures on the Chicago Board of Trade were lower early on Thursday in a technical setback after a bullish crop report sparked a rally on Wednesday, traders said.
Selling by locals pushed the market into sell stops, they said.
As of 10:45 am CDT (1545 GMT), December wheat was down 4-1/2 cents at $3.43 per bushel, with deferred months down 4 to 5 cents.
Man Financial was an early seller of 200 March contracts, traders said. Wheat futures climbed on Wednesday after the US Department of Agriculture cut its estimate of the US 2005/06 wheat carryout below what the trade had expected.
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