Chicago Board of Trade wheat futures surged 3.5 percent Wednesday on technical buying and rumours that Russia might move to limit its wheat exports, traders said. CBOT December soft red winter wheat settled up 18-1/2 cents at $5.41-3/4 per bushel, a day after falling to its lowest level in nearly six weeks.
K.C. December hard red winter wheat ended up 21-1/2 cents at $5.49-1/4 a bushel, climbing above its 50-and 200-day moving averages. MGEX December spring wheat rose 14-1/2 cents to $5.91-1/2. Russia's agriculture ministry will discuss the current grain market situation, production and export plans during its routine meeting with exporters on September 3, the ministry told Reuters.
Romania's prime minister said the country expects to harvest 10.2 million tonnes of wheat this year, up from 9.9 million tonnes in 2017. Ahead of the USDA's weekly export sales report on Thursday, analysts expected the government to report US wheat sales at 200,000 to 500,000 tonnes.
Ahead of Statistics Canada's crop production report on Friday, analysts surveyed by Reuters on average expected the agency to project Canada's 2018/19 all-wheat crop at 30.6 million tonnes, below the USDA's latest forecast of 32.5 million.
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