Climbing demand prompted wheat futures to increase in value on Thursday as the agricultural commodity continued its longest bullish trend in nearly four months, Bloomberg reports.
During the week ending on July 4, U.S. shippers sold 1.47 million metric tons of wheat, according to data released by the U.S. Department of Agriculture. Since July 3, China has purchased 1.32 million metric tons of the agricultural commodity , and 840,000 tons were purchased by the Asian nation on Monday.
"China coming to the market with their crop being hurt has gotten things a little excited," Central States Commodities president Jason Britt told the news source on Thursday. "Combine that with the export sales numbers confirming what we already knew and" prices will increase, Britt noted.
At 11:22 a.m. on Thursday, wheat futures rose 0.44 percent, a 0.03-cent increase to $6.82 per bushel.
Investing.com reports a sizable factor that investors, analysts and additional observers were monitoring on Thursday was weather reports for the Midwest and the Great Plains, two regions that are major players in the production of grain in the U.S.
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