CBOT wheat ends higher as crude oil rally stokes commodities buying
CHICAGO, March 12 (Reuters) - Chicago Board of Trade wheat futures rose for a second straight session on Thursday on fund and speculative buying tied to surging crude oil prices as the war in the Middle East continued to escalate, traders said.
Wheat futures also firmed on signs of improved demand. Wheat is often sensitive to geopolitical risks and also benefits from an influx of managed money into commodity investments.
Oil prices rose about 8% on Thursday as Iran stepped up attacks on oil and transport facilities across the Middle East, and the country's supreme leader said the closure of the vital Strait of Hormuz should continue.
The U.S. Department of Agriculture reported net U.S. wheat export sales in the week ended March 5 at 495,789 metric tons, at the high end of a range of analyst estimates and the largest in a month.
CBOT May soft red winter wheat WK26 ended up 3-3/4 cents at $5.94-3/4 per bushel.
K.C. May hard red winter wheat KWK26 last traded a penny lower at $6.12-1/2 per bushel.
Minneapolis May spring wheat MWEK26 last traded 3 cents lower at $6.35 per bushel.
