Nearby wheat futures at the Chicago Board of Trade were lower at midsession on Thursday in volatile trade, retreating from a higher open on bullish data in the USDA's October crop reports, traders said.
In a reversal from recent days, traders were selling nearby contracts and buying the back months, taking profits on spreads. Active bull-spreading had propelled the spot December contract to 10-year highs in recent days.
As of 11:30 am CDT (1630 GMT), CBOT December wheat was down 4 cents at $5.27 per bushel, with March down 9-1/2 at $5.35. Back months were down 11-1/2 to up 11 cents.
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