Markets

CBOT wheat rallies on technical buying

Published Updated

* CBOT wheat prices found strength after falling to the 50-day moving average early in the session and accelerated as prices rallied past key resistance points at the 30-day and 100-day moving averages.

* The strength in the benchmark CBOT market spilled over to MGEX spring wheat, which eked out a small gain despite forecasts for improved crop weather in key growing areas of the United States.

* Significant snowfall is expected by the weekend in the dry areas of the US spring wheat belt, which will provide a much-needed boost to soil moisture levels ahead of spring planting, said Don Keeney, meteorologist for MDA EarthSat Weather.

* Russia will maintain wheat export volumes of around 22 million tonnes in 2012/13, Russian industry and government officials said.

* Ukraine's government said it had not urged grain traders to limit wheat exports and forecast that there would be no shortages of grain on the domestic market.

* Tunisia's state grains agency issued an international tender to buy 50,000 tonnes of optional-origin soft wheat for shipment in April, European traders said.

* Bangladesh tendered to import 50,000 tonnes of wheat to boost reserves, a procurement official said.

Copyright Reuters, 2012