Wheat futures on the Chicago Board of Trade were higher early on Thursday on strong US export sales and news that Pakistan was seeking wheat, traders said. State-run Trading Corp of Pakistan issued a tender to import 200,000 tonnes of wheat.
Also bullish was Wednesday's announcement that Argentina was temporarily halting wheat exports while assessing frost damage. Technical momentum after Wednesday's limit-up surge added strength as well. Trade was volatile. Most-active March wheat soared 18-1/4 cents to reach $9 a bushel for the first time since October 12, but then backed off. As of 10:15 am CST (1615 GMT), it was up 5-3/4 cents at $8.87-1/2.
The US Department of Agriculture reported export sales of US wheat in the latest week at 498,000 tonnes (old and new crop), above trade estimates for 350,000 to 450,000 tonnes.