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Markets

CBOT wheat closes higher on technical buying

  • The most active CBOT soft red winter wheat contract gained 4 cents to close at $4.95 per bushel.
  • The United States faces stiff competition for export business from Russia, traders said.
12 Aug 2020

CHICAGO: Chicago Board of Trade soft red winter wheat futures rose on Tuesday on technical buying following a recent slide, traders said.

The most active CBOT soft red winter wheat contract gained 4 cents to close at $4.95 per bushel.

The market was due for a technical bounce after dropping over the past month, traders said.

K.C. hard red winter wheat futures advanced 2-3/4 cents to $4.16-3/4 per bushel, while MGEX spring wheat rose 2 cents to $4.92-3/4 per bushel.

The United States faces stiff competition for export business from Russia, traders said.

Egypt's state grain buyer, GASC, said it has bought 120,000 tonnes of Russian wheat at its latest international purchasing tender.