CHICAGO: Bargain buying and fund positioning had Chicago Board of Trade (CBOT) wheat futures inching upward on Thursday, while Minneapolis spring wheat futures bounced up from a new-contract low.
* CBOT March soft red winter wheat closed up 1/2-cent at $5.10-1/2 a bushel, after setting its lowest price since Nov. 30 earlier in the session.
* MGEX March spring wheat finished up 3 cents at $5.52-1/4 a bushel, after dropping to a contract low of $5.44-1/2 earlier in the day.
* Worries US spring wheat exports to Japan could decline due to a multilateral agreement that excludes the United States were likely to anchor the MGEX contract, traders said.
* K.C. March wheat futures settled down 1/2 cent at $4.95 per bushel. Earlier in the session, and for the second day in a row, the price fell to the lowest since December 6.
* Russia harvested 72.068 million tonnes of wheat this year, a decline from 86 million tonnes in 2017, the statistics service said on Thursday, Interfax news agency reported.
* The ongoing dearth of export sales news from the US Department of Agriculture this week kept a cap on prices across the grains complex on Thursday, traders said.
* Daily export sales reporting by USDA has halted during the partial shutdown of the federal government.
* USDA's weekly export sales report, which had been scheduled for release on Friday, also has been postponed indefinitely due to the shutdown.
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