US MIDDAY: wheat lower

Soft red winter wheat futures at the Chicago Board of Trade were lower at midsession on Tuesday on speculative selling amid lacklustre domestic and export demand, traders said. "Harvest is going good, we've got a lot of stocks out there, and we just don't have a good demand base built," one cash-connected trader said.
As of 11:40 am CDT (1640 GMT), CBOT September wheat was down 6-3/4 cents at $3.86-1/4 per bushel, below its 100-day moving average of $3.91-3/4. Deferreds were down 5 to 8-1/4 cents. Funds had sold about 2,000 contracts, with Iowa Grain selling 1,000 September, traders said.