US MIDDAY: wheat moves up on oversold technical areas

Chicago Board of Trade wheat futures moved 2 to 5 cents per bushel higher early Tuesday on a recovery from Monday's fall to three-month lows, traders said.
Traders said the fall Monday left the market in oversold technical areas, leaving prices vulnerable to an abrupt adjustment or recovery. Refco Inc and Calyon Financial were early buyers of wheat futures, pit sources said. At 10:38 am CDT (1538 GMT), CBOT wheat was up 2 to 4-1/4 cents per bushel. September was up 4-1/4 at $3.20 per bushel. December was up 3-1/2 at $3.34-3/4.