Saudi Wheat Tender Boosts Chicago Prices Amid Corn Slump

Chicago wheat futures rebounded for the second straight session on Friday, driven by Saudi Arabia's return to the import market. The most-active contract on the Chicago Board of Trade rose 0.7% to $6.87-3/4 a bushel.

The price increase was attributed to a recent slide in prices making imports more attractive. Saudi Arabia had scrapped its previous wheat tender on September 7, citing prices it considered too high.

According to Jack Scoville, vice president at Price Futures Group in Chicago, 'A small US crop and a large import tender announced by Saudi Arabia helped bolster prices.'

In contrast, corn futures traded near a six-week low due to the USDA stocks report showing U.S. corn inventories were 35% higher than a year earlier.