Chicago Board of Trade soft red winter wheat futures closed modestly higher Tuesday on a late round of bargain-buying after most months fell to contract lows, traders said. Plentiful global supplies and strong competition for export business continued to act as an anchor for prices. CBOT December wheat settled up 1-1/4 cents at $4.10-3/4 a bushel after falling to a contract low of $4.05-1/4, the lowest spot wheat price on a continuous chart since August 31.
Traders noted technical pressure from liquidation ahead of first notice day for December deliveries, which is Thursday. K.C. December hard red winter wheat settled up 2 cents at $4.09-1/4 a bushel, while MGEX December spring wheat finished down 6-1/2 cents at $6.03-1/2 after dipping below $6 a bushel for the first time since June. Egypt's main state grain buyer said it bought 120,000 tonnes of Russian wheat in an international purchase tender. No US wheat was offered.
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