Wheat futures at the Chicago Board of Trade were lower at midday on Friday, tumbling from multiyear highs set earlier in a roller-coaster session as the corn market broke down, traders said. As of 12:05 pm CDT (1705 GMT), CBOT July wheat was down 8 cents at $6.01 per bushel after soaring to $6.33-3/4, a contract top and the highest spot wheat price in 11 years.
Back months were down 15-1/4 cents to up 17-3/4. Contract highs were hit in most months. Goldenberg Hehmeyer sold 2,000 September contracts while UBS Warburg bought 1,000 September, traders said. CBOT wheat was losing ground to wheat futures in Kansas City and Minneapolis on intermarket spreads.
Wheat futures had additional support from continuing harvest delays due to rain in the southern US Plains, and also soaring European values. There were no July wheat deliveries at the Kansas City Board of Trade or the Minneapolis Grain Exchange.
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