CBOT wheat futures up nearly three percent

Wheat futures on the Chicago Board of Trade rose nearly 3 percent on Wednesday on fund-driven buying at the start of the new month, and support from a large Egyptian wheat purchase a day earlier, traders said. CBOT May wheat settled up 13-1/4 cents at $4.57 per bushel after reaching $4.57-3/4, its highest in neaarly a week, toward the close K.C. May hard red winter wheat ended up 13-3/4 cents at $4.77-1/4 a bushel and MGEX May spring wheat rose 11-1/4 cents at $5.61-1/2.
Concern about potentially stressful dry conditions persisting in the southern US Plains winnter wheat belt added support Market still digesting news that Egypt's General Authority for Supply Commodities on Tuesday bought 535,000 tonnes of wheat at an international tender, its largest purchase since January 2014. India may impose a 25 percent import tax on wheat by the middle of March, two government sources said, reinstating the tariff after a gap of nearly three months in response to recent large purchases from overseas.