US wheat futures rose on Tuesday on firm demand in the export market and on concerns about the declining condition of the US crop as it heads into dormancy. The front-month Chicago Board of Trade soft red winter wheat contract rose 1.2 percent, its biggest gain in percentage terms on a continuous basis since a 2.9 percent rally October 18.
CBOT wheat ended the trading day near its session highs and closed above its five-day moving average for the first time since October 23. Egypt's GASC bought 120,000 tonnes of Russian wheat at $305.66 per tonne for shipment in December. The US Agriculture Department on Monday afternoon rated the US wheat crop at 63 percent good to excellent as of November 17, down 2 percentage points from a week earlier.
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