Chicago Board of Trade wheat futures rose 2.1 percent on Thursday, hitting their highest price in more than a week on short-covering after the US government released better-than-expected export data. The benchmark CBOT July contract briefly topped the 50-day moving average during the trading session but failed to hold support above that key technical level.
CBOT wheat has rallied for two straight days, gaining 3.4 percent during that time after falling to its lowest since April 3 on Tuesday. Kansas City Board of Trade hard red winter wheat futures and MGEX spring wheat also closed higher. The US Agriculture Department said on Thursday morning that old-crop export sales of wheat were 239,000 tonnes and new-crop export sales were 713,600 tonnes in the latest reporting week. That compares with forecasts for old-crop export sales of zero to 200,000 tonnes and new-crop export sales of 300,000 to 400,000 tonnes.
Jordan's state grains agency again tendered to buy 100,000 tonnes of optional-origin wheat after making no purchases in two tenders earlier this week. Tunisia's state grains agency bought 75,000 tonnes of soft wheat at prices ranging from $278.89 to $279.88 a tonne, European traders said.