Soft red winter wheat futures at the Chicago Board of Trade were mostly lower at midsession on Tuesday in a continued setback from last week's 11-year highs, traders said. Spillover weakness from Kansas City wheat and the Chicago corn and soybean markets added pressure.
However, trade was choppy, with values moving higher at times as the market tried to consolidate after recent volatility. Tight global wheat stocks remained supportive.
As of 11:20 am CDT (1620 GMT), CBOT July wheat was down 3/4 cent at $5.68-3/4 per bushel, with most-active September down 1-1/2 cents at $5.81-3/4. Back months were down 4-1/2 to up 2 cents. Goldenberg Hehmeyer and Rand Financial each bought 100 to 200 September contracts. Traders also noted bearish moves in the wheat options pit.
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