Wheat futures on the Chicago Board of Trade turned lower early on Tuesday on a profit-taking setback after the gains on Friday, traders said. Wheat climbed on Friday following a surge to a 10-year top in corn futures after the release of bullish corn crop and stocks data from the US Agriculture Department.
Wheat was undergoing a downward correction on Tuesday and corn futures moved below the day's highs in early dealings. At 10:37 am CST (1637 GMT), CBOT wheat was down 1-3/4 to 10 cents per bushel, with March down 3 at $4.76-1/2 per bushel.
The wheat market had little fundamental support, other than the surge in corn futures. US crop conditions were bearish, with plentiful moisture in the US Plains seen buoying winter wheat crop prospects. A cold snap this week was not expected to harm the crop. The USDA on Friday raised its US wheat ending stocks figure to 472 million bushels from 438 million in December, reflecting sluggish export sales.
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