US wheat futures closed higher Thursday, supported by wet weather that is slowing US spring wheat seedings and a spike in soyabean futures. Chicago Board of Trade SRW May wheat up 3-1/2 cents per bushel at $5.24-1/4. KCBT HRW May wheat up 4 at $5.76-1/4. MGEX May spring wheat up 2-1/2 cents at $6.81-1/2.
Funds bought 2,000 to 3,000 lots early and sold them back before buying up to 1,000 lots later in the day, a trader said. CBOT wheat got spillover support from CBOT May soyabeans, which finished 36 cents higher at $10.70. Gains limited by big deliveries on the May contract.
Spring wheat planting in northern US Plains very slow because of wet weather. Rainfall in US Central Plains beneficial to HRW wheat crop. USDA said 251,200 tonnes of wheat (old-crop/new-crop) sold for export last week, below estimates for 350,000 to 450,000 tonnes. Deliveries on May 8,122. Estimates for 2,000 to 4,000.