Hard red winter wheat futures on the Kansas City Board of Trade settled Friday's two-sided session higher on short-covering moves that follow a string of recent losses. The KCBT December contract ended up 15-1/4 cents at $5.93-1/4 per bushel, and the March ended up 14-1/2 cents at $6.07-1/2.
December ranged from $5.74 to $5.95 on the day, while March ranged from $5.88 to $6.09. Lower crude oil and losses in US equities provided early spillover pressure on commodities amid news that US retailers suffered a record drop in October sales.
Traders said disappointing export sales, continuing fears of a global recession, and ample world wheat supplies were pressure points. USDA said weekly export sales of US wheat totalled 248,300 tonnes, plus 5,000 tonnes for 2009/10 delivery. Trade estimates were for 250,000 to 350,000 tonnes. The southern US Plains wheat country benefited from light rains and mild temperatures over the past day, a forecaster said.
China will scrap or cut export taxes on corn, wheat and other grain products from December 1, as part of Beijing's efforts to boost trade, the ministry of finance said. In world wheat news, Indian farmers have planted wheat on 2.7 million hectares (6.7 million acres) since October 1, up from a year ago, farm ministry data showed.