Hard red winter wheat futures on the Kansas City Board of Trade closed higher on Wednesday as rallies in corn and crude oil inspired technical buying, traders said. KCBT July wheat settled 6-1/4 cents higher at $9.45-1/4 per bushel, with back months up 3 to 15 cents. Volume was estimated at 18,111 contracts.
Wheat continues to take cues from the corn market, which hit all-time highs this week and continues to draw support from flooding in the US Midwest. A late surge in crude oil, higher gold prices and a weaker dollar added to bullish sentiment across the commodities sector.
Rain stalled the Oklahoma wheat harvest. Forecasts for widespread thunderstorms this week viewed unfavourable for maturing wheat. Wet weather over the past several weeks has spread plant diseases in the southern US Plains hard red winter wheat belt, including head scab in Kansas and Nebraska. After the close, Egypt issued a snap tender to buy 55,000 to 60,000 tonnes of wheat for shipment July 16-31. Australia wheat farmers bet on drought-busting crop. Australian GMO wheat research seen defying drought.
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