US wheat futures hit a six-month high on Tuesday, supported by a pickup in export business and news that Russia, the world's top wheat exporter, is considering limiting grain exports through June, traders said.
Corn and soyabean futures drifted lower as brokers awaited the signing of the Phase 1 trade deal which could reopen China's giant market to US grain and farm product exports.
As of 1:08 p.m. CST (1908 GMT), Chicago Board of Trade March wheat was up 5-1/4 cents at $5.67-1/2 per bushel after reaching $5.73, the contract's highest since June 28.
CBOT March corn was down 1 cent at $3.88-1/2 a bushel and March soyabeans were down 2 cents at $9.40-1/4.
Wheat rose on news that Russia's agriculture ministry is looking to set a non-tariff quota for grain exports of 20 million tonnes in January-June.
The agriculture ministry's draft, which has yet to be reviewed by the government, sees the quota at 20 million tonnes of grain, which Russia can export without damaging domestic market in Jan. 1-June 30, 2020, the ministry said.
Meanwhile, Egypt's main state wheat buyer purchased 240,000 tonnes of Russian and Romanian wheat in an international purchasing tender. Prices including cost and freight (C&F) ranged from $248.85 to $249.90 per tonne, up about $3 to $4 from an Egyptian wheat tender on Jan. 8.
Corn and soyabean futures languished ahead of Wednesday, when US and Chinese officials are expected to sign a Phase 1 trade deal. The pact may allow the two sides to start resolving their trade war which led to a massive cut in exports of US soyabeans, corn and other farm products to China.