Chicago Board of Trade wheat futures rose Thursday, as the Russian ruble strengthened against the US dollar and dryness in Europe and the Black Sea region threatened crops, traders said.
CBOT May soft red winter wheat ended up 8-1/4 cent at $5.56-1/2 per bushel.
K.C. May hard red winter wheat ended up 14 cents at $4.92 a bushel, while MGEX May spring wheat gained 2-1/2 cents to $5.32-1/2.
The US Agriculture Department increased its outlook for wheat ending stocks Thursday when it released its World Agriculture Supply and Demand Estimates report, citing weakened exports due to a rise in demand for pasta, bread and other baked goods at the grocery store from home-bound consumers.
A symbolic 60,000 tonne cargo of Russian wheat has set sail for Saudi Arabia from a Black Sea port seven months after conditions were set to allow the trade, three sources told Reuters on Thursday.
Egypt, the world's largest wheat buyer, is planning to import 800,000 tons of wheat during this year's harvest season, in order to boost reserves of strategic commodities amid concern about supplies during the new coronavirus outbreak, the Supply Minister said on Thursday.
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