Wheat falls 3.5pct on fund selling

US wheat futures plunged over 3.5 per cent on technical fund selling on Monday and the spot May contract's trading range swung more than 50 cents a bushel in extremely volatile trade. CBOT May wheat rose to a session high of $5.02-1/2 early on Monday and plunged 53-1/2 cents per bushel or 10.6 per cent to a session low of $4.49. Wheat prices early Monday rallied to above $5 per bushel for the first time since March 4 but the bullish momentum quickly waned when the spot May contract moved above technical resistance at the 200-day moving average of $4.99 and the 100-day moving average of $5.01-1/4. US wheat for May delivery ended down 17-1/4 cents at $4.76, May delivery corn was down 3/4 cent at $3.52-1/4 and soy for May was down 1-1/4 cents at $9.98-3/4.