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Wheat futures on the Chicago Board of Trade were higher early on Thursday on strong US export sales and news that Pakistan was seeking wheat, traders said. State-run Trading Corp of Pakistan issued a tender to import 200,000 tonnes of wheat.
Also bullish was Wednesday's announcement that Argentina was temporarily halting wheat exports while assessing frost damage. Technical momentum after Wednesday's limit-up surge added strength as well. Trade was volatile. Most-active March wheat soared 18-1/4 cents to reach $9 a bushel for the first time since October 12, but then backed off. As of 10:15 am CST (1615 GMT), it was up 5-3/4 cents at $8.87-1/2.
The US Department of Agriculture reported export sales of US wheat in the latest week at 498,000 tonnes (old and new crop), above trade estimates for 350,000 to 450,000 tonnes.

Copyright Reuters, 2007

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