CHICAGO: US wheat futures rose on Tuesday on bargain buying and technical strength after falling nearly 3% on Monday, traders said.
The benchmark Chicago Board of Trade January soft red winter wheat contract found support at its 20-day moving average.
CBOT January wheat broke through resistance at its 30-day moving average but failed to hold support above its 40-day and 50-day moving averages.
Egypt’s state grains buyer, the General Authority for Supply Commodities, said on Tuesday it had bought 235,000 tonnes of wheat - 120,000 tonnes of Romanian origin and 115,000 tonnes of Ukrainian origin - in an international purchasing tender for Feb. 1 to 15 shipment.
Bangladesh’s state grains buyer issued a tender to buy 50,000 tonnes of milling wheat and the TFMA group of importers in Thailand has issued an international tender to purchase about 62,000 tonnes of animal feed wheat.—Reuters
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