Nearby wheat futures on the Chicago Board of Trade turned higher by midmorning on Thursday in a mild correction after a technical collapse on Wednesday that pushed front-month July below $4, traders said. Prices opened lower on follow-through selling, but the market rallied in light volume.
As of 10:55 am CDT (1555 GMT), July wheat was up 2-1/2 cents at $3.96 per bushel, with deferred months up 4-1/2 cents to down 4 cents. Fimat USA bought 300 July contracts, while locals were early sellers, traders said. Spreading was a feature as traders rolled long July positions forward.