CBOT wheat futures rise

Nearby Chicago Board of Trade wheat futures closed above $5 a bushel on Wednesday on position squaring on the last day of the month, traders said. CBOT December soft red winter wheat closed up 3/4 cent at $5.00-1/2 a bushel. Deferred contracts finished weaker, with March wheat falling 1-1/2 cents to $5.16 a bushel.
Concerns about tepid export demand hung over the market, as US exporters still face intense competition for business from top supplier Russia, traders said. Weekly US wheat export inspections are expected to be 200,000 to 500,000 tonnes in a US Department of Agriculture report due out on Thursday, according to analysts. Recent strength in the US dollar has hurt prospects for export sales, analysts said, because it makes American farm goods less attractive to foreign buyers. Euronext wheat futures fell to a new six-week low.