Wheat futures on the Chicago Board of Trade closed higher on Thursday for a second straight session, led by the front December contract on technical buying including short-covering, traders said. K.C. hard red winter wheat drifted lower while MGEX spring wheat futures closed higher. The front contracts at all three exchanges gained against back months on spreads.
Showers expected next week in the US Midwest and possibly the Plains should benefit winter wheat ahead of dormancy. Trade awaits USDA's weekly export sales report, delayed until Friday due to a federal holiday this week. Thursday was the final day of the five-session "Goldman roll," in which the S&P GSCI fund rolls long positions in December grain contracts forward.
French farm office FranceAgriMer raised its estimate of domestic soft wheat stocks this season to 5.2 million tonnes, up 400,000 tonnes. French silo operator Senalia stopped taking delivery of milling wheat at Rouen port due to a lack of storage space linked to slow export demand.
Comments
Comments are closed.