US wheat futures rose on Thursday, supported by concerns about dry conditions limiting harvest yields in key production areas around the world, traders said. Weak export demand limited the gains. The US Department of Agriculture said weekly export sales of wheat totalled 194,800 tonnes. Analysts had expected wheat export sales in a range between zero and 500,000 tonnes.
The benchmark Chicago Board of Trade July soft red winter wheat contract closed well below its session highs, failing to hold support above its 20- and 30-day moving averages.