Wheat futures on the Chicago Board of Trade were mostly lower at midday on Wednesday on profit-taking and a setback in US crude oil futures, traders said.
The wheat market opened higher but quickly retreated after crude oil came off its highs. US crude futures shot to record above $98 per barrel overnight before turning down in choppy trade. As of 12:10 pm CST (1810 GMT), CBOT December wheat was down 7-1/2 cents at $7.89-1/2 per bushel, with March down 10-1/4 at $8.10-1/4 and new-crop July up 1/4 cent at $6.86-1/4.
Russia sold 99,612 tonnes of wheat onto its domestic market through intervention tenders aimed at curbing prices. Other business featured Turkey buying 164,000 tonnes of Kazakh, Russian and European Union milling wheat in a tender. Taiwan bought 81,400 tonnes of US wheat.