US MIDDAY: wheat down

Wheat futures at the Chicago Board of Trade were down sharply at midday on Friday as improving harvest weather in the US Plains prompted selling after last week's run-up to 11-year highs, traders said.
Spillover weakness from corn and soybeans added pressure to a wheat market that was seen as technically overbought. The nine-day relative strength index for CBOT July wheat stood at 73 ahead of the open, in overbought technical territory.
As of 12:01 pm CDT (1701 GMT), CBOT July wheat was down 15-1/4 cents, or 2.5 percent, at $5.90-3/4 per bushel. September was down 15 at $6.07 and December was down 14 at $6.14. Funds sold 4,000 wheat contracts by midday, along with 9,000 in soybeans and 10,000 in corn, traders said.