CBOT wheat closes higher on choppy trading session
WEAT•CBOT wheat futures closed higher on Thursday, with December soft red winter wheat up 7 cents to $6.82-3/4 per bushel. A small U.S. crop and Saudi Arabia’s tender for 535,000 metric tons helped bolster prices.
1. Prices close higher
CBOT wheat futures ended higher in choppy trading as a small U.S. crop and Saudi Arabia’s announcement that it was seeking 535,000 metric tons of wheat for November and December shipment helped support prices. Traders viewed the tender as a sign that lower prices were prompting fresh demand after Saudi Arabia canceled a previous tender on September 7 because of high prices. The most-active CBOT wheat contract touched $6.70-3/4 per bushel earlier in the session, its lowest since August 14.
2. Other contracts rise
December K.C. hard red winter wheat gained 4-1/2 cents to $7.37-1/2 per bushel, while December Minneapolis spring wheat rose 3-1/2 cents to $6.96-3/4.
