Hard red winter wheat futures on the Kansas City Board of Trade settled higher on Wednesday, lifted by strength in soybean futures. The benchmark March settled up 6 cents at $6.00 after ranging from $5.90 to $6.04. Wheat was largely a follower of soybean futures on the Chicago Board of Trade, which hit a five-week high early Wednesday amid concerns about the new crop in South America.
Stiff export competition limited gains, though the market was buoyed by a Saudi tender for 500,000 tonnes of milling wheat that has a bidding deadline of January 5. In other export news, Morocco's state grains agency ONICL said it has awarded licenses to buy 300,000 tonnes of soft wheat. Grain markets closed early Wednesday, at noon CST (1800 GMT), and will be closed Thursday for the Christmas holiday.
Comments
Comments are closed.