Wheat futures on the Chicago Board of Trade were sharply lower at midsession on Friday on technical selling and profit-taking after Thursday's rally, traders said. Concerns about frost damage to the Argentine wheat crop were easing, a bearish factor for wheat futures.
"We're still assessing the damage in Argentina but we don't think there was much," a CBOT floor trader said. As of 11:20 am CST (1720 GMT), CBOT December wheat was down 15-1/2 cents, or 2 percent, at $7.50 per bushel. Selling accelerated as December fell below its 100-day moving average of $7.60-3/4. However, the contract was holding above its two-month low, set Wednesday at $7.40-3/4.