Soft red winter (SRW) wheat futures at the Chicago Board of Trade fell early Thursday on quiet exports and a slide in corn and soy, traders said.
At 10:43 am CDT (1543 GMT), CBOT wheat was 4-1/2 to 7 cents per bushel lower, with July down 7 at $3.34. September was down 6-3/4 at $3.41-1/2.
Pit sources said local traders and commodity funds were the main sellers of wheat futures. Calyon sold at least 600 September. FIMAT Futures, Man Financial and SAK Futures also were noted sellers.
Exports were routine overnight as Japan, in its weekly tender, bought 80,000 tonnes of US wheat. Traders are watching for results of Jordan's tender for hard wheat on July 9 with US credits available.
Cash basis bids held steady in the Midwest. Some SRW dealers cautioned there were signs of increasing levels of vomitoxin in new-crop wheat arriving at the Toledo, Ohio, terminal.
Technical traders cited July's failure to hold above 14- and 20-day moving averages on Wednesday. The July surged above those levels on fund buying but closed at $3.41, below the 14-day moving average of $3.42 and the 20-day moving average of $3.46-1/4.