CHICAGO: Chicago Board of Trade soft red winter wheat futures rose 1.7% on Tuesday, their biggest daily gain in nearly four weeks, following a rally in the corn market that stemmed from a US government report that slashed the supply outlook for the yellow grain.
K.C. hard red winter wheat and MGEX spring wheat contracts also posted sharp gains.
The benchmark CBOT December soft red winter wheat contract rose through its five-day and 30-day moving averages before hitting resistance at its 20-day moving average.
The US Agriculture Department on Tuesday morning trimmed its outlook for 2020/21 US wheat ending stocks by 6 million bushels to 877 million. Analysts had been expecting 881 million.
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