MANILA: U.S. wheat futures climbed off contract lows on Friday, but gains were modest as investors remained largely bearish towards the grain amid ample global supply.
While weekly exports of U.S. wheat rose 37 percent from the prior week as prices dropped, Commonwealth Bank of Australia analyst Tobin Gorey said it "will take more than one number" to convince the market about appetite for U.S. cargoes.
"Moreover if the investors selling are only tracking momentum then that will not stop them selling more," Gorey said in a note. Wheat for December delivery on the Chicago Board of Trade was up 0.5 percent at $4.42-3/4 a bushel by 0222 GMT, having touched a contract low of $4.38-3/4 on Thursday. A tender by Egypt on Wednesday drew offers totalling around 1 million tonnes of Russian wheat, underlining big supplies from Russia.
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