Wheat futures at the Chicago Board of Trade climbed early on Thursday on bullish export news and on a weak dollar, which makes wheat cheaper for importers buying it in other currencies, traders said.
At 10:17 am CDT (1517 GMT), CBOT wheat was up 5 to 7 cents per bushel, with May up 7 at $3.79-1/2. July was up 7-1/4 at $3.89-3/4.
DT Trading, Rand Financial, Refco Inc and Citigroup each bought 200 July and FIMAT Futures bought 100 July.
Traders said the strong number for wheat in USDA's weekly export sales report released early Thursday and evidence that China is picking up its stalled shipments of US wheat purchases boosted the market.
Technical support in the May contract was at $3.68-1/4 per bushel and resistance at $3.78-1/2 was broken, touching off buy-stops and driving the contract to a session high of $3.81.
The nine-day relative strength index for May stood at 29 prior to the open on Thursday. Chartists view an RSI of 30 or less as an oversold market and 70 or more as an overbought market.
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