Commodities
Wheat Futures Rise as Saudi Arabia Seeks Massive Wheat Purchase
Chicago wheat futures rose for a second consecutive session on Friday as demand sentiment improved due to a Saudi Arabian import tender. The dollar's strength continued to limit gains in US prices, however.
The most-traded wheat contract on the Chicago Board of Trade was up 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 gain comes after Saudi Arabia announced it is seeking to buy 535,000 metric tons of wheat for shipment in November and December.
The tender was viewed as a sign that the recent price decline was generating fresh demand after Saudi Arabia cancelled its previous wheat tender on September 7 due to high prices.