Spring wheat futures on the Minneapolis Grain Exchange closed higher on Thursday in thin trade, tracking an upturn in Chicago Board of Trade corn and wheat futures, traders said. MGE July wheat ended up 1 cent at $3.49 per bushel, with deferred months up 2-1/2 to down 1 cent. Volume was very light, estimated by the exchange at 1,730 contracts, down from 2,371 on Wednesday.
Funds were generally absent from the market, traders said.
MGE futures took direction from the CBOT corn and wheat markets, which closed firm after a choppy session. The theme in Chicago was uncertainty about weather in the US Midwest and the impact of Hurricane Dennis.
The storm, expected to reach US shores on Sunday, could direct moisture to dry areas of the Midwest next week, aiding row crops. But some midday updates had the storm tracking farther east, a path would likely mean less Midwest rain.
Fundamental news was shunted to the background, including pressure from the waning US winter wheat harvest.
The US Agriculture Department said the harvest was 62 percent complete as of Sunday, and the Meteorlogix weather service forecast favourable conditions overall for harvesting in the Plains and the Midwest.
Export action overnight included Japan's purchase of 125,000 tonnes of wheat, with 40,000 tonnes coming from the United States. Taiwan passed on a tender for 46,200 tonnes of US wheat because of a disagreement over prices.
Deliveries on the MGE July contract totalled 261 lots, with a Refco customer issuing 244. The General Mills house account stopped 172 lots.
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