Wheat futures at the Chicago Board of Trade turned lower at midmorning on Tuesday on profit-taking after worries about the US Plains wheat crop lifted the market to fresh highs, traders said.
CBOT wheat set contract and 3-1/2 year highs early in the session after the USDA late Monday reported a decline in weekly crop ratings amid hot and dry weather in the US Plains.
As of 11:40 am CDT (1640 GMT), CBOT July wheat was down 2-3/4 cent at $4.23-1/2 per bushel after climbing to $4.33 in early trade, above the previous high of $4.28. Deferred months were down 2-1/2 to 4-3/4 cents.