Soft red winter (SRW) wheat futures at the Chicago Board of Trade were higher early on Friday in a technical recovery from Thursday's losses and on Egypt's purchase of US wheat, traders said.
South Korea also bought 19,500 tonnes of US wheat in routine business.
At 10:10 am CDT (1510 GMT), CBOT wheat was up 3/4 to 1-1/2 cents per bushel, with September up 1-1/2 at $3.01 per bushel.
Refco Inc bought 300 September, Cargill Investor Services bought 200 September, and locals were buyers, pit sources said. Prudential Securities and Calyon Financial each sold 200 September.
Traders said Egypt's purchase early Friday of 60,000 tonnes of US soft white wheat was encouraging for the market. But the main factor driving the market was technical buying which followed Thursday hard break.
Comments
Comments are closed.