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Chicago Board of Trade wheat futures closed higher on Thursday on stronger-than-expected weekly export sales and broad strength in commodity markets tied to optimism about prospects for a US-China trade pact, traders said.
CBOT March soft red winter wheat settled up 11 cents at $5.30-1/4 per bushel. K.C. March hard red winter wheat ended up 12 cents at $4.42-3/4 a bushel and MGEX March spring wheat finished up 4-3/4 cents at $5.23. Grain futures as well as crude oil futures and Wall Street equity markets rose after President Donald Trump said the United States was "very close" to reaching a trade deal with China. After the CBOT close, Bloomberg TV and Reuters reported that the United States had reached a deal in principle with China.