US wheat futures were higher at the close of pit trade on Wednesday on short-covering prompted by concerns the USDA may lower its forecast of 2012/13 global wheat production next month. Spot July spring wheat traded on the MGEX was up 51-1/4 cents at $8.49-3/4 per bushel on tight cash supplies of spring wheat and short-covering in thin dealings.
European wheat futures saw late gains on Wednesday to a new three-week high in reaction to higher US wheat, but the market closed within its recent range as Chicago trading was less volatile than earlier in the week. Algeria has purchased about 600,000 tonnes of optional-origin milling wheat in a tender for a nominal 50,000 tonnes which closed on June 14, European traders said on Wednesday.
Comments
Comments are closed.