Wheat futures at the Chicago Board of Trade fell sharply early Wednesday in a profit-taking setback from this week's contract and 10-year highs, traders said.
The declines followed a strong sell signal from Tuesday, when nearby contracts in the Chicago and Kansas City markets hit fresh highs - only to reverse and close sharply lower. As of 10:15 am CDT (1515 GMT) on Wednesday, CBOT December wheat was down 14-1/2 cents, or 2.7 percent, at $5.16-1/2 per bushel, with deferred months down 2-1/2 to 13-1/2 cents.