US MIDDAY: wheat jumps on technically oversold

Wheat futures on the Chicago Board of Trade were higher at midmorning on Tuesday, buoyed by a drop in weekly US crop ratings and signs the market was technically oversold, traders said.
As of 10:40 am CST (1640 GMT), CBOT December wheat was up 4 cents at $3.14 per bushel. Deferred months were up 1-1/2 to 3-3/4 cents.
Rand Financial and Fimat Futures were each early buyers of 200 December contracts, traders said. The US Department of Agriculture late Monday said 57 percent of the US winter wheat crop was rated in good to excellent condition, down from 61 percent the previous week.