Kansas City Board of Trade hard red winter wheat futures were steady to higher on Thursday, thanks to a sizeable purchase of US wheat by Egyptian buyers, traders said. Wheat futures were steady to 2-1/2 cents higher, with the December contract at $3.42-1/2, up 2-1/2 cents.
The gains came after news that Egypt's General Authority for Supply Commodities bought 120,000 tonnes of US soft white wheat, along with 60,000 tonnes of Argentine wheat, for December 16-31 shipment.
Also supportive was news that South Korea set a tender for Thursday to buy 20,000 tonnes of US wheat and the US Department of Agriculture said Thursday weekly export sales of US wheat last week totalled 388,100 tonnes, within the range of trade estimates for 300,000 to 400,000 tonnes.
Declines in soybean futures at the Chicago Board of Trade were also providing some pressure on wheat prices, traders said.
The nine-day relative strength index before the opening stood at 46, above the 30 benchmark for oversold conditions but below the 70 level considered indicative of an overbought market.
Some chart watchers said December wheat prices were likely to remain locked in a trading range between $3.30 and $3.50.