Shipments of the grain for week ended March 7 advanced 44 percent as compared to figures from one week prior, data released by the U.S. Department of Agriculture states. Totals for the first week of this month amounted to 888,540 metric tons, which is the second-highest amount since the marketing year kicked off in June of last year.
"Export sales are improving," senior grain market analyst Shawn McCambridge with Jefferies Bache LLC in Chicago told the news source on Thursday. "The cash markets are starting to firm up to acquire additional supplies."
At 12:55 p.m. on Thursday, wheat futures rose 1.55 percent, a 0.1075 cent increase to $7.21 per bushel.
The Wall Street Journal reports the grain's gains during Thursday's trade session also were spurred by livestock feeders increasingly using soft red wheat. That economic data on top of the U.S. government agricultural data released on Thursday about stronger than forecast shipments spurred the agricultural commodity higher.
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