Wheat futures at the Chicago Board of Trade were mixed at midsession on Friday as the market consolidated after a strong rally and bull-spreading on Thursday, traders said. As of 11:05 am CDT (1605 GMT), May wheat was down 1 cent at $4.95 per bushel, with most-active July unchanged at $5.07-3/4 and December up 3/4 cent at $5.15-1/4.
Wheat rallied at the open on follow-through momentum from higher overnight trade, but then turned lower. Sharp declines in CBOT corn added pressure as forecasts called for improved US corn planting weather.
Also bearish were ideas the wheat market was technically overbought. The nine-day relative strength index for the May contract stood at 73, in the 70-to-100 range that chart-based traders view as an overbought signal. But futures were underpinned by concerns about tightening world wheat supplies after a damaging US freeze earlier this month, and amid dry weather in Australia and parts of Europe.