CBOT wheat tips higher on uptick in buying demand
May 15 (Reuters) - Chicago Board of Trade wheat futures rose on Thursday as low prices triggered a swell of buying demand for cheap U.S. wheat.
The wheat yield potential in Kansas was estimated at 53.0 bushels per acre on Thursday by crop scouts on an annual Wheat Quality Council tour, the highest since 2021.
The figure is above the tour's five-year average of 44.3 bpa from 2019-2024, reflecting good rainfall in April that helped to curb the effects of drought. No tour was held in 2020 due to the pandemic
Export sales of wheat in the week ended May 8 totalled 804,800 metric tons, according to the U.S. Department of Agriculture, on the higher end of analyst expectations.
Saudi Arabia has issued a tender to buy 655,000 metric tons of wheat for the August to October 2025 shipment period, the General Food Security Authority (GFSA) said on Thursday.
CBOT July soft red winter wheat WN25 ended up 8 cents to $5.32-3/4 per bushel on Wednesday.
K.C. July hard red winter wheat KWN25 rose 5-1/4 cents to finish at $5.28-1/4 per bushel.
Minneapolis July spring wheat MWEN25 rose 3 cents to $5.80 per bushel.
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