Wheat futures on the Chicago Board of Trade were choppy early on Thursday in light trade, following the pattern in CBOT corn amid a volatile US weather market, traders said. "Wheat has been a follower in here today. Corn has been the most active," one floor trader said.
As of 11 am CDT (1600 GMT), CBOT July wheat was down 1/2 cent at $3.31-1/2 per bushel, with deferred months down 3 cents to up 1/4 cent. Refco Inc was an early seller of 100 September wheat contracts while Cargill Investor Services bought 300 December, traders said.
Wheat, corn and soybeans all opened lower on the potential for moisture in the dry US Midwest next week after Hurricane Dennis makes landfall. Weaker financial markets after bombings in London's transit system added volatility.
But wheat and corn turned choppy at midmorning due to weather uncertainty, as traders tried to reassess forecasts.