CHICAGO: US wheat futures rallied to one-week highs on Tuesday on technical buying and concerns about poor weather hurting harvests in Europe and the Black Sea region, traders said.
Chicago Board of Trade September soft red winter wheat gained 9-1/4 cents to $4.97-3/4 per bushel, erasing losses from Monday. The most active contract traded up to $5.04-1/4, its highest since July 10, before paring gains.
K.C. September hard red winter wheat ended up 6-1/4 cents at $4.90-3/4 a bushel.
European wheat also rose to its highest in more than a week.
Germany, Poland and Ukraine are among countries suffering from dry weather that is threatening wheat harvests.
In the United States, the US Department of Agriculture rated the spring wheat crop as 80 percent good to excellent, unchanged from a week ago and above the 79 percent expected by analysts.
Source: Brecorder
