Wheat Markets 4 to 8 Cents Higher As Egypt Buys

Wheat futures are 4 to 8 cents higher in the CHI and KC contracts this morning. MPLS spring wheat is 2 to 3 cents higher. The three markets ended Wednesday with most contracts 3 to 7 cents higher, with short covering suspected. Preliminary open interest data showed that it was instead net new buying interest, at least for Chicago, with OI rising 4,859 contracts. Japan is tendering for 115,835 MT of wheat from UA, Canada, and Australia. The MOA tender results will be out later today, with 35,590 MT specified as US origin. Egypt’s GASC purchased 405,000 MT of wheat from Russia (285,000 MT), Ukraine (60,000 MT) and France (60,000 MT). No US wheat was offered. French milling wheat is trading at the highest price since late June.

--provided by Brugler Marketing & Management

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