US MIDDAY: wheat down

Wheat futures on the Chicago Board of Trade turned weak by midmorning on Thursday, pushing to new contract lows in response to fund long liquidation in the Kansas City market, traders said.
An increase in the European Union's wheat export subsidy was also seen as bearish, signalling that the EU was turning more aggressive in its export efforts. The EU raised the subsidy to a maximum 7 euros per tonne, up from 5 euros last week. As of 11:45 am CST (1745 GMT), CBOT December wheat was down 2-1/2 cents at $2.94-3/4 per bushel, a new contract low. Most-active March was down 2-1/4 at $3.11.