Soft red winter wheat futures on the Chicago Board of Trade rallied early on Tuesday amid signs of improving export demand, traders said. Jordan bought 50,000 tonnes of wheat from Syria, South Korea bought 23,000 tonnes from the United States and European traders said Turkey will tender Thursday for 200,000 tonnes of optional-origin soft wheat.
India plans to launch an import tender on December 10 for 350,000 tonnes of wheat. And Japan said it would seek 195,000 tonnes of Canadian Australian and US wheat at its regular weekly tender on Thursday.
Chicago December wheat was up 16-3/4 cents at $8.71-3/4 a bushel by 10:40 am CST (1640 GMT). The deferreds were up 6-1/2 to 17-1/4. Additionally, the parched southern US Plains hard red winter wheat has a better chance of seeing rain by the weekend and early next week, a DTN Meteorlogix forecaster said.
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