US wheat futures were mostly lower by midday on Tuesday, retreating from early strength on bearish export news, after Minneapolis spring wheat futures soared to a new high above $13 per bushel, traders said. Word that Argentina was reopening its wheat export registry sent wheat futures tumbling, reversing early advances.
The move will put 2 million tonnes of wheat on the world market over a five-month period, at a time of scarce global supplies. At the Chicago Board of Trade as of 11:55 am CST (1655 GMT), March wheat was down 16 cents at $9.47 per bushel, after trading in a huge range from $9.93, up its daily 30-cent limit, down to $9.39-1/4. In other moves, Taiwan will tender Wednesday to buy 80,000 tonnes of US wheat in two shipments. The cargoes will include dark northern spring, hard red winter, and soft and hard white wheat.
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