Wheat futures at the Chicago Board of Trade were higher at midsession on Tuesday, rallying from early declines as an upturn in corn futures sparked speculative buying, traders said.
There was little fundamental news to drive the market, but trade was volatile. The wheat market remains underpinned by speculative demand for wheat amid outlooks for dwindling global stocks.
As of 11:30 am CDT (1630 GMT), December wheat was up 7 cents, or 1.3 percent, at $5.24 per bushel, after trading in a wide range from $5.11-1/4 to $5.27-1/2. Deferred months were up 5-1/2 cents to down 2 cents.
UBS Warburg bought 300 December contracts, traders said.
Prices were pressured early in the session by profit-taking after Monday's fund-driven advances. But support held at the 14-day moving average of $5.05 and Monday's low of $4.99.