US MIDDAY: wheat lower

Wheat futures at the Chicago Board of Trade were lower early on Wednesday in a light profit-taking setback after strong advances this week, traders said.
But worries about dry weather stressing the US spring wheat crop continue to underpin the market. Private forecaster Meteorlogix said mostly dry conditions would persist through Sunday in the northern Plains spring wheat belt.
As of 10:40 am CDT (1540 GMT), CBOT July wheat was down 3-1/4 cents at $3.75 a bushel. September was down 1 cent at $3.93-1/2 and December was down 2-1/4 at $4.12. Support in September held near the 100-day moving average of $3.91. July fell below its 100-day MA of $3.78-1/2, an area of key resistance.