CBOT wheat ends higher on technical trading
CHICAGO, Aug 28 (Reuters) - Chicago Board of Trade wheat futures chopped up and down on Thursday and ended higher on technical trading, though pressure from ample global supply and beneficial rains in the U.S. Plains weighed.
The U.S. Department of Agriculture reported weekly export sales of wheat at 579,800 metric tons.
Wheat prices are facing headwinds amid higher production forecasts in major exporting countries and expected rainfall in U.S. winter wheat-growing areas in the coming days, analysts said.
Australia is on track to produce 32 million to 35 million metric tons of wheat in its upcoming harvest, said analysts, who raised their forecasts after an improvement in crop conditions and noted they could further upgrade them.
CBOT December soft red winter wheat WZ25 settled 4-3/4 cents higher at $5.29 per bushel.
K.C. December hard red winter wheat KWZ25 ended 2-3/4 cents higher at $5.15-3/4 per bushel.
Minneapolis December spring wheat MWEZ25 ended 1/2 cent higher at $5.77-1/4 per bushel.
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