S wheat futures sagged on Thursday amid a wave of profit-taking after surging to a three-month high early in the session. Wheat prices had rallied 20 percent during three straight days of gains this week on crop weather troubles in the United States and Europe, before the surge stalled after briefly breaking through the 100-day moving average.
Soyabean futures also were lower, dragged down by lower crude oil prices, while tight old-crop supplies supported a small rise in the nearby corn contract. "I think it is kind of a pause to catch our breath type day," said Bill Gentry, a broker for Risk Management Commodities in Lafayette, Indiana. "Markets typically do not move in a straight line."
Chicago Board of Trade July wheat was down 3-3/4 cents at $8.13-1/4 at 11:42 am CDT (1642 GMT), after rising in the opening minutes of trade as high as $8.34-1/2, the highest point since February 22. CBOT July corn was up 1/2 cent at $7.50-1/4 a bushel after hitting a high of $7.60-1/4 early in the session. CBOT July soyabeans were down 3-3/4 cents at $13.75-3/4.