Hard red winter wheat futures on the Kansas City Board of Trade closed modestly higher on Thursday, following a rebound in Chicago wheat, corn and soya markets, traders said. KCBT wheat also seen as technically oversold and due for a bounce after Wednesday's fall to a 16-month low in the spot contract.
But KCBT and CBOT grains ended off the day's highs as choppy, nervous US stock markets tempered enthusiasm across the commodities sector. Dow Jones industrial average was down roughly 214 points at the KCBT closing bell, but later turned higher.
KCBT December wheat settled 3-1/2 cents higher at $5.53 per bushel, after reaching $5.67-1/4. Back months ended up 5 cents to down 1 cent. Mostly favourable crop weather continues in US Plains winter wheat belt with a mix of rain and snow, followed by a warm, dry spell next week. Export sales data viewed neutral; USDA reported export sales of US wheat in the latest week at 386,900 tonnes (383,900 for 2008/09), within a range of estimates for 350,000 to 550,000 tonnes.