CHICAGO: Chicago Board of Trade wheat futures closed higher on Friday for a third straight session as the market continued to rebound off multi-month highs set this week and as US export prospects improved, traders said.
* CBOT March soft red winter wheat settled up 3-1/4 cents at $5.17 a bushel after reaching $5.18-3/4, the contract's highest since Dec. 26.
* For the week, the contract rose 5-1/2 cents a bushel or 1.1 percent, halting a three-week slide.
* K.C. March hard red winter wheat ended up 2-1/2 cents at $5.06 a bushel and MGEX March spring wheat rose 5 cents at $5.70-1/4.
* Broad strength in commodities noted after proposed trade talks between the United States and China eased some fears about a global economic slowdown.
* CBOT wheat drew support from news that Algeria, a major wheat importer, rejected a wheat shipment from Argentina that was below contractual quality standards.
* Argentina's ArgenTrigo wheat industry chamber referred to the rejected shipment as an isolated case.
* Private analytics firm IEG Vantage, formerly known as Informa Economics IEG, estimated US winter wheat seedings for 2019 harvest at 31.513 million acres, down from the 32.535 million acres the US Department of Agriculture said farmers planted a year earlier.
* The firm's winter wheat seedings figure includes 22.207 million acres of hard red winter wheat, 5.850 million acres of soft red winter wheat and 3.456 million acres of white winter wheat.
* The USDA on Friday delayed its US winter wheat seedings report along with several other reports because of the two-week-old partial government shutdown.
Comments
Comments are closed for this article.