CHICAGO: Chicago Board of Trade soft red winter wheat futures rose on Wednesday to their highest since Jan. 19 on a technical bounce, traders said. K.C. hard red winter wheat and MGEX spring wheat also rose to their highest in more than five weeks.
Traders said the wheat market was primed for a round of technical buying when CBOT soft red winter wheat futures eked out a positive close on Tuesday after trading in negative territory for much of the day.
The most-active CBOT May soft red winter wheat contract rose above the high end of its 20-day Bollinger range during Wednesday’s session.
Jordan’s state grains buyer purchased 60,000 tonnes of hard milling wheat in a tender which closed on Wednesday, traders said.
A US Agriculture Department report on Thursday morning was expected to show wheat export sales in a range from 300,000 to 850,000 tonnes, according to a Reuters survey of analysts. A week ago, wheat export sales totaled 613,521 tonnes.