US MIDDAY: wheat moves both ways

Wheat futures on the Chicago Board of Trade were mixed in light, choppy trade early on Friday, with prices supported by ideas the market was oversold, traders said.
But pressure from the expanding US hard red winter wheat harvest and spillover weakness from the Kansas City wheat market limited advances. Combines continue to roll through Kansas, accelerated by mostly dry weather, although rain was forecast for some areas on Friday and Saturday.
CBOT July wheat has backed down more than 70 cents a bushel since hitting a 3-1/2-year high of $4.33 on May 23.
The nine-day relative strength index for the contract stood at 26 ahead of the open on Friday, within the 0-to-30 range that chartists view as oversold territory.