Markets

CBOT wheat ends firm in technical buying, short-covering bounce

Published Updated

* A weakening US dollar, which makes US wheat cheaper to those holding other currencies, also supported the market.

* CBOT March soft red winter wheat settled a penny higher at $5.23-1/2 per bushel. The contract held chart support at its 20- and 50-day moving averages.

* K.C. March hard red winter wheat ended 1 cent higher at $5.09-1/2 a bushel and MGEX March spring wheat fell 1/2 cent to $5.68.

* The US Agriculture Department reported weekly export sales of wheat of 313,600 tonnes. Analysts' forecasts for wheat export sales had ranged from 500,000 to 700,000 tonnes.

* Egypt's GASC on Thursday bought no Russian wheat in an import tender for the first time in six months, in a sign of rising prices in Russia after a blistering start to its export season. GASC bought 120,000 tonnes of Ukrainian and Romanian wheat for shipment Feb. 11-20.

Copyright Reuters, 2018