The globe's top consumer of wheat effected a purchase of the grain for the first time in 14 days, prompting the grain to rise in value for a second consecutive day on Wednesday, according to Bloomberg.
Wheat futures climbed despite supply prospects falling apart in Argentina. Egypt purchased 180,000 metric tons of the grain from the U.S., according to vice chairman Nomani Nomani with the state grain buyer of Egypt. The government of Japan said it intends to purchase more than 121,000 tons of the grain from the U.S. and Canada on Thursday.
"Probably the Egyptian tender" is spurring prices higher, agricultural economist Paul Deane with Australia & New Zealand Banking Group told the news source. "You've got those concerns about Argentina's export availability as well. The funds have generally been on a liquidation phase, and that's probably coming to an end."
At 10:37 a.m. on Wednesday, wheat futures climbed 0.77 percent, a 0.0625 cent rise to $8.175 per bushel.
Kansas State University next year will mark its sesquicentennial by naming a new variety of wheat "1863,"according to The Associated Press.
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