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CBOT wheat futures rise to six-month high

Wheat futures on the Chicago Board of Trade rose to a six-month high on Thursday, lifted by short-covering and investment fund buying tied to jitters that Russia could curb exports amid a currency crisis, traders said. On a continuous chart for Chicago wheat, prices touched the highest level since May 20 while the March contract finished at the highest since June 11, remaining above the closely watched 200-day moving average first breached on Monday.

However, CBOT March wheat finished nearly 25 cents off its session highs of $6.77 per bushel while K.C. hard red winter wheat was only narrowly higher and MGEX spring wheat was slightly lower, indications that the round of investment fund buying could be winding down.

European Union grain exporters will be the main beneficiaries of Russia's pullback from international grain markets as Moscow races to cool domestic prices in the face of economic crisis, analysts and traders said. Russia's decision to curb grain exports may help Ukraine sell its grain at a higher price and Kiev does not plan to implement any similar restrictions, Deputy Agriculture Minister Andriy Dykun said.

Copyright Reuters, 2014


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