US MIDDAY: wheat higher

Wheat futures at the Chicago Board of Trade were higher early on Thursday on a rebound from a late technical sell-off on Wednesday, traders said.
News that Egypt bought 60,000 tonnes of US soft white wheat was also supportive. But traders said the market would need more confirmation of rumoured business with Iraq and India to support a sustained rally.
As of 10:55 am CDT (1555 GMT), CBOT September wheat was up 3/4 cent at $3.72-1/4 per bushel. Most-active December was up 1/4 at $3.91-3/4 after hitting resistance at its 200-day moving average of $3.94-3/4. Man Financial was a net buyer of 500 December contacts and ABN Amro bought 400 December, while J.P. Morgan and Fimat USA each sold 1,000 December, traders said.