Wheat futures on the Chicago Board of Trade edged higher on Thursday, supported by short-covering and a setback in the dollar, which tends to make US grains more attractive to those holding other currencies, traders said. CBOT March wheat settled up 3-1/4 cents at $4.04-3/4 per bushel, staying inside the previous day's trading range.
K.C. March hard red winter wheat finished up 5-3/4 cents at $4.15-1/4 a bushel and MGEX March spring wheat rose 4-3/4 cents at $5.35-1/2. The US dollar hit a 15-day low against the yen as traders used the quiet holiday period to take profits on the greenback's recent gains. Egypt's state grain buyer GASC bought 235,000 tonnes of wheat in a tender, including 175,000 tonnes of Russian wheat and 60,000 tonnes from Ukraine. No US wheat was offered.
Moroccan grains agency ONICL announced tenders to buy 363,636 tonnes of European Union soft wheat and 363,636 tonnes of US soft wheat under preferential-tariff import quotas. Morocco's ONICL said it was also seeking to buy 327,273 tonnes of US durum under the same agreement. The Buenos Aires Grains Exchange raised its estimate of Argentina's wheat harvest to 15 million tonnes, from a prior estimate of 12.5 million, reflecting a higher plantings estimate.
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