Russia's deputy agriculture minister said on Thursday there was no need to consider any grain export regulation for now. The official added Moscow may consider imposing a floating tariff on grain exports as a measure of last resort in 2015. K.C. hard red winter and MGEX spring wheat futures closed higher with CBOT wheat in a shortened session following the US Thanksgiving holiday.
USDA reported export sales of US wheat in the latest week at 431,500 tonnes, in line with trade expectations. CBOT reported no deliveries of K.C. wheat on first notice day, in line with expectations. But MGEX spring wheat deliveries totaled 123 contracts, above expectations. The International Grains Council on Thursday cut its forecast for 2014-15 world wheat production by 1 million tonnes to 717 million tonnes, a still record. The IGC also projected that 2015-16 wheat area would rise by 1 percent.
Southeast Asian flour millers bought at least 200,000 tonnes of Australian wheat this week, traders said. Excessive rains in Argentina's wheat areas underpinned values. For the week, CBOT March wheat rose 25 cents per bushel, or 4.5 percent. K.C. March wheat rose 33 cents or 5.4 percent. MGEX March spring wheat rose 24-1/4 cents or 4 percent.