Chicago Board of Trade wheat futures rose for the first time in seven sessions on Thursday on technical buying and short covering after the market hit contract lows earlier in the week, traders said. Burdensome global wheat supplies continue to hang over the market. CBOT December wheat settled 8 cents higher at $4.26 a bushel. K.C. December hard red winter wheat ended up 10 cents at $4.25-3/4 a bushel while MGEX December spring wheat rose 8-3/4 cents to $6.22-3/4 a bushel.
The US Department of Agriculture reported export sales of US wheat in the latest week at 347,800 tonnes, in line with trade expectations for 250,000 to 450,000 tonnes. European Union soft wheat exports for the 2017/18 season so far are down 25 percent from a year ago, reflecting heavy flows from Russia and a strengthening in the euro.
Egypt's agriculture ministry issued guidelines for port inspectors detailing which wheat shipments should be accepted or rejected amid concerns that suppliers have been adding high premiums due to inconsistent import rules.