Chicago Board of Trade wheat futures were higher Tuesday morning, consolidating after the steep declines of the previous two sessions, traders said. As of 10:30 am CST (1630 GMT), CBOT May wheat was up 2-1/2 cents at $3.45 per bushel, with deferreds up 1/2 to 2-1/2 cents. Cargill Investor Services bought 300 May contracts while locals were also featured buyers, traders said.
Wheat futures fell sharply on Friday and again Monday as the market underwent a setback from the recent wave of buying by investment funds. Funds have invested in commodities over the past month in response to declines in the US dollar, but the buying spree cooled on Monday as the currency rebounded.