US wheat futures on the Chicago Board of Trade closed 1 percent higher on Monday on technical buying, a weaker dollar and spillover support from a 2 percent jump in soyabeans, traders said. Market shrugged off pressure from slow export sales and abundant global wheat supply.
CBOT December soft red winter wheat expired 5-3/4 cents higher at $5.25 per bushel. CBOT most-active March closed up 6 cents, or 1.12 percent, at $5.43-1/2, breaking through 50-day moving average at $5.41. Funds bought 1,000 CBOT wheat contracts, traders said. KCBT December hard red winter wheat expired 8-3/4 cents higher at $5.26; bellwether March ended up 6-1/2 at $5.34.
MGEX December spring wheat expired up 5-1/2 cents at $5.33; most-active March up 5-1/4 at $5.47-3/4. USDA reported export inspections of US wheat in the latest week at 13.035 million bushels, below trade estimates for 14 million to 17 million. Ukraine wheat exports fall to 140,290 tonnes December 1-6.
Favourable crop weather this week in the US winter wheat growing areas with milder temperatures seen. Managed funds trimmed net short positions in wheat during week ended Tuesday. CBOT reported 609 December deliveries. No deliveries against KCBT or MGEX December contracts.