On the daily chart, an uptrend remains intact. However, the resumption of the uptrend quite often started with a high-low bottom after a deep correction.
Prices of rival soybeans rose to their highest in nearly a month on Thursday after the US Department of Agriculture's planting intentions report pegged soybean acreage well below expectations.
The wheat was purchased at an estimated $271.99 a tonne c&f plus a $1.50 a tonne surcharge for additional port unloading. Seller was said to be trading house Cargill.
Grain markets have been under pressure this week as crop weather improved in South America following recent dryness in Argentina and excessive rains in key parts of Brazil.