Chicago Board of Trade wheat futures closed higher on Wednesday on technical buying and news that Egypt bought 405,000 tonnes of wheat at its latest international tender, traders said. CBOT December soft red winter wheat settled up 6-1/4 cents at $5.13-1/4 per bushel. K.C. December hard red winter wheat ended up 3-3/4 cents at $4.25 a bushel and MGEX December spring wheat rose 5 cents to close at $5.50-1/2.
Egypt's state grain buyer GASC said it bought 405,000 tonnes of Russian, French and Ukrainian wheat in its latest international purchasing tender, at higher prices than what it paid at its previous tender on October 8. Commodity funds hold a net short position in CBOT wheat futures, according to US Commodity Futures Trading Commission commitments data, leaving the market open to periodic short-covering rallies.
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