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Wheat futures on the Chicago Board of Trade were lower at midmorning on Thursday in a technical setback after recent fund-driven rallies, traders said.

As of 10:40 am CST (1640 GMT), March wheat was down 2 cents at $3.43-1/2 per bushel, with deferred months down 1-1/4 to 4-1/2 cents.

RIS-Man and Prudential each sold 500 March contracts while Citigroup and Refco-Man each sold 300, traders said. The nine-day relative strength index for the March contract stood at 81 ahead of the open. Technical traders view an RSI of 70 or higher as one sign of an overbought market.

Copyright Reuters, 2005


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