US MIDDAY: Wheat futures up

CHICAGO: US wheat futures rose on Wednesday, following gains in the corn market, traders said.

Strong overseas demand and high prices for European wheat added support, bolstering hopes of increased US export business.

Analysts were expecting a US Agriculture Department report on Thursday morning to show that wheat export sales were in a range between 200,000 and 570,000 tonnes in the week ended Oct. 21.

Egypt’s state grains buyer, the General Authority for Supply Commodities, said on Wednesday it had bought 360,000 tonnes of wheat in an international tender. The purchase comprised 180,000 tonnes of Russian wheat, 120,000 tonnes of Ukrainian wheat, and 60,000 of Romanian wheat.

The benchmark Chicago Board of Trade December soft red winter wheat contract rose above its five-day moving average.

CBOT December wheat settled up 7-1/2 cents at $7.59-3/4 a bushel. K.C. hard red winter wheat for December delivery was 5-1/2 cents higher at $7.82-3/4 a bushel and MGEX December spring wheat was flat at $10.21-1/2.