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Markets

CBOT wheat ekes out small gains on technical buying

Published Updated

CHICAGO: Chicago Board of Trade wheat futures crawled higher on technical buying on Tuesday, while the advancing US spring wheat harvest weighed on MGEX spring wheat futures, traders said.

* CBOT December soft red winter wheat settled 1-1/2 cents firmer at $4.76-3/4 per bushel.

* K.C. December hard red winter wheat ended up 2-3/4 cents at $4.04-3/4 a bushel.

* MGEX December spring wheat dipped 3/4 cent to close at $5.11 and matched a contract low set on Monday.

* The US Department of Agriculture said late on Monday the spring wheat harvest was 38% complete, behind the five-year average of 65%.

* Egypt's state grains buyer, the General Authority for Supply Commodities (GASC), said it bought 350,000 tonnes of Russian, Ukrainian and French wheat in a tender. No US wheat was offered.

Copyright Reuters, 2019

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