Saudi Tender Boosts Chicago Wheat Futures

Chicago wheat futures continued their upward trend on Friday, marking a second consecutive session of gains. The price rose by 0.7% to $6.87-3/4 per bushel, recovering from Thursday's seven-week low of $6.70-3/4. This rebound is attributed to improved demand sentiment following Saudi Arabia's announcement that it will import 535,000 metric tons of wheat for shipment in November and December.

The demand from Saudi Arabia is seen as a positive development, especially considering the country cancelled its previous tender on September 7 due to high prices. The renewed interest in wheat imports suggests that the recent price decline has generated fresh demand.

Despite the gains in Chicago wheat futures, other agricultural commodities such as corn and soybeans declined. Corn prices were pressured by a larger-than-expected USDA estimate of US corn stocks, while soybean prices fell due to an ongoing harvest projected to be the largest on record.