US wheat futures closed higher on Thursday, lifted from 3-1/2 month lows by a round of short-covering late in the day, traders said. The benchmark Chicago Board of Trade March soft red winter wheat contract closed up 3-1/4 cents at $4.87 a bushel. Funds bought 1,000 lots. Kansas City Board of Trade hard red winter wheat for March delivery settled up 4-1/4 cents at $4.94-3/4 a bushel.
Minneapolis Grain Exchange spring wheat for March delivery rose 3-3/4 cents to $5.08-1/2 a bushel. The sharp drop in prices during the past few weeks has boosted export demand for wheat. The US Agriculture Department reported export sales of US wheat in the latest week at 689,200 tonnes, above estimates for 450,000 to 650,000 tonnes. Price dip spurs wheat sales, but demand slowing.
Tunisia bought 42,000 tonnes milling wheat, 50,000 tonnes durum in tender. Japan bought 127,000 tonnes US, Canadian and Australian wheat at its weekly tender. Biotech wheat could cause 40 percent drop in US wheat prices - industry report. Overall good crop weather in US winter wheat belt, with protective snowfall in many areas.
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