Hard red winter wheat futures on the Kansas City Board of Trade ended higher on Wednesday on a technical bounce after a week-long sell-off, traders said. KCBT May wheat ended up 36 cents at $9.86, and the new July ended up 39 cents at $9.98.
Traders said signs of fresh export interest added support, as did a rally to a record high in corn. Of note Wednesday was action in the options pit as Man was a heavy seller of May $9 puts from 24 to 20 cents. Floor sources estimated at least 1,800 sold on the day.
ALSO OF NOTE: USDA confirmed in its daily reporting system that Egypt bought 120,000 tonnes US wheat. Egyptian grain importer and distributor Abou Donkol intends to seek about 200,000 tonnes of US wheat in the next three months, after exports from Russia were halted.
Brazil bought 200,000 to 250,000 tonnes of US and Canadian wheat as the Argentine farmer strike continues. Ukraine considers larger grain export quotas. Concerns persist about dry weather in western portions of the southern US Plains wheat region, while traders were monitoring wet weather in US SRW wheat belt. In Paris, milling wheat futures were up 0.50 to 33.25 euros per tonne.
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