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Chicago Board of Trade (CBOT) wheat futures rose on Friday, with the most-active contract reaching its highest price since August 2018 on hopes for increased Chinese demand. Traders said they expect China to buy more US wheat following a Phase 1 trade agreement this month.
Worries about unfavorable crop weather tightening supplies in rival exporters like Russia, Ukraine and Australia helped lift prices, traders said.
The US Department of Agriculture in said a weekly report that export sales of US wheat last week were 714,900 tonnes, toward the high end of analysts' expectations for 200,000 tonnes to 900,000 tonnes.