US wheat futures closed higher on Wednesday on support from commercial buying and dry weather in the US Plains hard red winter wheat region, which could stress the newly seeded crop and reduce 2011 US wheat production. CBOT December up 5-1/2 cents per bushel at $6.47-1/2. Funds bought an estimated net 2,000 contracts.
Iraq to tender to buy 100,000 tonnes wheat - source. Western winter wheat areas of the US Plains are expected to turn drier over the coming days, posing a threat to 2011 US hard red winter wheat production. Soft red winter wheat areas in the US Midwest and Delta should see moderate to heavy rain during the next 24 to 48 hours, which will help recharge soil moisture reserves.
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