Chicago Board of Trade's wheat futures followed Tuesday's firming of soybean and corn futures, amid choppy trade and questions about whether cold weather could cause damage to the wheat crop in the coming weeks, traders said.
CBOT March soft red winter wheat settled up 1-3/4 cents at $5.20 per bushel. K.C. March hard red winter wheat ended down 1-3/4 cents at $4.92 a bushel, while MGEX March spring wheat rose 3-1/2 cents to $5.77-1/4 a bushel.
Algeria's state grains agency, OAIC, has issued an international tender to buy soft milling wheat to be sourced from optional origins, European traders said on Tuesday. "We're watching the weather pretty closely. Some of that Kansas City hard red winter wheat could be at risk of winter weather damage, especially if we get another arctic cold push," one trader said.
Weather in the winter wheat-growing areas in the Midwest and Great Plains is expected to remain colder than normal for the next two weeks, but the temperatures are expected to be above the winterkill threshold, according to a report by the Commodity Weather Group on Tuesday. Grain futures rallied on Tuesday as top US officials arrived in the Chinese capital ahead of high-level trade talks, as the world's two largest economies attempt to hammer out a deal ahead of a March 1 deadline and avoid another escalation of tariffs.
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