Wheat futures rise in the US

Wheat futures rose in overnight trading on signs of demand for U.S. supplies from an unlikely buyer. China stepped in for another big wheat purchase, buying 181,000 metric tons of soft red winter wheat for delivery in the 2023-2024 marketing year, the U.S. Department of Agriculture said in a report Friday. The USDA also announced sales of 117,300 tons of soybeans to an unidentified country and 100,000 tons of soybean cake and meal to an unknown destination. China purchased 220,000 tonnes of soft red winter wheat, also for delivery this year, the US government said in a report published on October 3. Wheat sales to foreign buyers in the week to October 5 totaled 652,000 tonnes, a record for the marketing year, up from 273,100 tonnes in the previous week and a 67% increase over the average of the previous four weeks. said the USDA. China is reportedly looking for wheat to compensate for losses due to excessive rain in key growing areas that have reduced crop quality and yield. ...