Wheat futures faced intraday volatility

Wheat futures faced intraday volatility, swinging between $6.12 and $6.20, as China reportedly increased import tenders. Short-term price action remains bullish while RSI indicators hover near 62, suggesting moderate overbought conditions. The wheat complex fell across the three markets on Tuesday, as USDA found a few more bushels via the production number on Tuesday morning. CBT soft red wheat futures were down 10 to 12 cents. KC HRW futures were 10 to 11 cents in the red at the close. MPLS spring wheat futures were firmer, bur still posted 6 to 7 cent losses. Some November-loading offers into Algeria appeared at $262 per tonne on a CIF basis. Chicago Board of Trade wheat futures gained 0.5% to $6.14 amid signs of falling European output, according to Eurostat’s latest projections. Traders are watching if demand from North Africa could tighten global inventories further.