CBOT wheat ticks higher on spillover support
CHICAGO, Aug 21 (Reuters) - Chicago Board of Trade wheat futures spent Thursday seesawing, but ended higher on spillover support from rising corn and soybean futures.
Corn and soybean futures rose on Thursday on technical trading and bargain buying, adding a lift to wheat futures.
The U.S. Department of Agriculture reported net U.S. wheat export sales at 722,900 metric tons in the week ended August 14, near the high end of trade estimates for 500,000 to 800,000 tons.
Grain consultancy Sovecon said on Wednesday it had raised its forecast for Russia's 2025 wheat crop to 85.4 million metric tons (mmt), up from a previous estimate of 85.2 million tons, citing improved prospects in Siberia and the Urals.
Wheat markets have been weighed down by expectations of ample global supply, including rising estimates of Russia's harvest, though slow Russian exports and demand from Egypt and other importers have helped underpin the market. GRA/TEND
CBOT December soft red winter wheat WZ25 settled 1.5 cents higher at $5.29-3/4 per bushel.
K.C. December hard red winter wheat KWZ25 rose 2-3/4 cents to settle at $5.26 a bushel.
Minneapolis September spring wheat MWEU25 was unchanged at $5.89 a bushel.
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