CHICAGO: US wheat futures rose for a third day in a row with investment funds covering short positions as prices broke through key technical points, traders said.
The benchmark Chicago Board of Trade December soft red winter wheat contract rallied through resistance at the high end of its 20-day Bollinger range.
Signs of firming demand from overseas buyers added support to wheat prices, although concerns that US suppliers will struggle to win business limited the strength in futures markets.
Saudi Arabia's main state wheat-buying agency, the Saudi Grains Organization (SAGO), said on Monday it purchased 610,000 tonnes of hard wheat in a tender.
The US Agriculture Department on Monday reported weekly wheat export inspections of 450,613 tonnes, up from 437,414 tonnes a week ago and near the low end of market forecasts.
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