CHICAGO: US wheat futures rose on Wednesday amid hopes that export demand for US supplies as recent market losses have made prices more competitive with global offerings, traders said.
Weakness in the dollar added support to wheat.
Traders noted bargain buying after the benchmark Chicago Board of Trade soft red winter wheat contract hit its lowest since Feb. 8 on Tuesday.
US soft white wheat was the cheapest wheat offered, excluding shipping costs, in an Egyptian government tender for supplies, traders said.
Analysts were expecting a US Agriculture Department report on Thursday morning to show export sales of wheat in the latest week were in a range from 275,000 tonnes to 650,000 tonnes (new-crop and old-crop combined.) That compares with a combined 431,584 tonnes a week earlier.
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