CBOT wheat extends gains on export demand, Russia weather concern
CHICAGO, Oct 9 (Reuters) -Chicago Board of Trade wheat futures extended gains into a third session on Wednesday, supported by concern over poor weather in top exporter Russia and a run of demand from importers, market analysts said. GRA/TEND
CBOT December soft red winter wheat WZ24 settled up 4-1/4 cents at $5.99 a bushel, after earlier touching a high of $6.04-3/4, the highest price since Oct. 2.
K.C. December hard red winter wheat KWZ24 settled up 5 cents at $6.08-3/4 a bushel, while Minneapolis December spring wheat MWEZ24 settled up 3-1/4 cents at $6.48-1/4 a bushel.
Wheat gains strength on concerns about dry weather in Russia and a run of demand from exporters, traders said.
Traders are awaiting an updated estimate of Russia's 2024 grain harvest on Thursday from the country's agriculture ministry to gauge the impact of adverse weather, while also monitoring rain prospects in drought-hit zones where farmers are trying to plant winter wheat for next year.
Top wheat exporter Russia has sown 13 million hectares (32.1 million acres) with winter grain so far this year and is aiming to sow 20 million hectares (49.4 million acres) in total, the same area as last year, though some traders doubted whether the target would be met.
Algeria's state grains agency OAIC is believed to have purchased around 510,000 to 570,000 metric tons of milling wheat in an international tender which closed on Tuesday, European traders said on Wednesday.
Jordan's state grain buyer has issued an international tender to buy up to 120,000 metric tons of milling wheat which can be sourced from optional origins, European traders said on Wednesday.
Reporting by P.J. Huffstutter; editing by Jonathan Oatis
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