Wheat futures on the Chicago Board of Trade were higher at mid-morning on Thursday on a mild short-covering bounce after a heavy sell-off on Wednesday, traders said.
As of 11:15 am CDT (1615 GMT), CBOT July wheat was up 1-1/4 cents at $3.62-1/2, below its 200-day moving average of $3.64. Deferred months were unchanged to up 2-1/4 cents.
Man Financial and Rand Financial each bought 200 September contracts, traders said, while Rosenthal Collins sold 400 December. The market was seen as oversold after the roughly 7- to 9-cent breakdown on Wednesday in which funds sold 5,000 contracts. It was the latest in a series of declines that have knocked the spot wheat contract down from a 3-1/2 year high of $4.33 set on May 23.