US MIDDAY: wheat tumbles

Wheat futures on the Chicago Board of Trade tumbled early Friday on profit-taking after this week's 3-1/2-year highs and amid a broad-based commodities sell-off, traders said.
Precious metals, crude oil and all CBOT grains and soy futures were down sharply in early trade as investors sold hard assets and the US dollar strengthened.
CBOT wheat gapped lower on the open. As of 10:45 am CDT (1545 GMT), CBOT July wheat was down 8-1/2 cents at $4.10 per bushel, with deferreds down 7 to 11-1/2 cents. Fimat USA net sold 400 July contracts, traders said. KCBT wheat led the way back down, with July falling 10 cents at $4.96-1/4 by midmorning.