CBOT wheat lifts on technical selling, lowered USDA ratings
Chicago Board of Trade (CBOT) wheat futures jumped on technical buying after hitting contract lows, supported by lower-than-expected USDA ratings. December soft red winter wheat settled up 10-1/2 cents at $5.35-1/2 a bushel. K.C. December hard red winter wheat rose 9-1/2 cents to $5.46-3/4 per bushel, while MGEX December spring wheat gained 6-1/4 cents, closing at $5.74-1/4 per bushel. Additionally, Jordan’s state grains buyer purchased 60,000 metric tons of hard milling wheat in an international tender.
CHICAGO, Aug 27 (Reuters) -Chicago Board of Trade benchmark wheat futures Wv1 jumped on technical selling after hitting contract lows. The grain was further supported by lower than expected U.S. Department of Agriculture ratings, released late Monday.
- CBOT’s December soft red winter wheat WZ24 settled up 10-1/2 cents to $5.35-1/2 a bushel, having earlier reached a contract low of $5.20-3/4.
- K.C. December hard red winter wheat KWZ24 settled up 9-1/2 cents at $5.46-3/4 per bushel.
- MGEX December spring wheat MWEZ24 rose 6-1/4 cents to finish at $5.74-1/4 per bushel.
- The U.S. Department of Agriculture (USDA) late on Monday rated 69% of the U.S. spring wheat crop as good to excellent, down from 73% last week, while analysts surveyed by Reuters on average had expected only a 1-point drop.
- Jordan’s state grains buyer purchased about 60,000 metric tons of hard milling wheat to be sourced from optional origins in an international tender on Tuesday, traders said.
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Source Link : https://www.xm.com/research/markets/allNews/reuters/cbot-wheat-lifts-on-technical-selling-lowered-usda-ratings-53913448
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