US MIDDAY: wheat plunges

Wheat futures at the Chicago Board of Trade fell to 2-week lows early on Friday on forecasts for rains in the dry US Plains hard red winter wheat region, traders said.
Hard red winter wheat contracts on the Kansas City Board of Trade led the way down. At 10:22 am CDT (1522 GMT), KCBT wheat was down 9-1/4 to 12-1/2 cents per bushel lower.
CBOT wheat was down 4-1/2 to 7-1/2 cents per bushel, with May down 5 at $3.48 per bushel. July was down 5-1/2 at $3.60-3/4 per bushel. Pit sources said Calyon Financial was the key seller of at least 500 lots of July.