Chicago Board of Trade (CBOT) wheat futures rose for a second straight session on Thursday on hopes for improved US export demand and in a further recovery from a steep slide earlier this week, traders said. CBOT March soft red winter wheat settled up 5-1/4 cents at $5.17-3/4 per bushel, breaking through chart resistance at key technical levels, including the 20- and 50-day moving averages.
K.C. March hard red winter wheat ended up 8-1/2 cents at $5.04 a bushel while MGEX March spring wheat rose 7 cents to $5.72 a bushel. Expectations for improved US wheat exports supported prices. Traders noted speculation that top wheat exporter Russia may try to curb shipments due to tightening supplies, although Moscow has denied such moves. Traders are also watching for any wheat demand from China following promises by Beijing to purchase "a significant amount" of US agricultural goods and other products. Wheat was supported by worries that recent snowfall in the US Plains was not expansive enough to protect some crops ahead of a cold snap.
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