Saudi Demand Boosts Chicago Wheat Futures

Chicago wheat futures rose for a second consecutive session on Friday, moving further away from a seven-week low. The gains came after Saudi Arabia announced it was seeking to buy 535,000 metric tons of wheat for shipment in November and December.

The most-traded wheat contract on the Chicago Board of Trade gained 0.7% at $6.87-3/4 a bushel by 1155 GMT, recovering from Thursday's seven-week low of $6.70-3/4.

This improved demand sentiment was seen as a sign that the recent price decline was generating fresh interest in the market. Saudi Arabia had previously cancelled its wheat tender on September 7 due to high prices.