Chicago Board of Trade wheat futures closed higher on Thursday for a third straight session on technical buying and poor weather in several global production areas that could tighten world stockpiles, traders said. CBOT July soft red winter wheat settled up 7 cents at $5.26-3/4 per bushel after reaching $5.37, its highest since May 29.
Wheat rally caps by declines in soybeans and corn. K.C. July hard red winter wheat ended up 4-3/4 cents at $5.44-1/2 a bushel while MGEX July spring wheat falls 3/4 cent to $5.97-1/2. Hotter temperatures are expected in eastern Ukraine and southern Russia starting next week, potentially adding stress to the region's wheat, Radiant Solutions said in a client note.
The US Department of Agriculture's weekly export sales report showed net cancellations of 19,400 tonnes of wheat for the 2017/18 marketing year, which ended May 31, and net sales of 250,900 tonnes for 2018/19. The USDA said 1,304,700 tonnes in old-crop sales were carried over to 2018/2019. Egypt, the world's largest buyer of wheat, cancelled a 60,000-tonne Russian wheat purchase from Dubai-based trader AOS after several delays, trade sources said.
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