Chicago wheat surges on export demand and Canada planting
CHICAGO, June 27 (Reuters) -Chicago Board of Trade most-active wheat futures rallied on Thursday on lower than expected Canadian planting and high export demand.
CBOT September soft red winter wheat WU24 settled up 19 cents at $5.79-1/2.
K.C. Sept. hard red winter wheat KWU24 closed up 12-1/4 cents at $5.96-3/4 a bushel.
MGEX September spring wheat MWEU24 settled up 14 cents at $6.18 a bushel.
Statistics Canada estimated Canadian all-wheat plantings at 26.641 million acres, below the average trade expectation of 26.943 million.
USDA reported net U.S. wheat export sales in the week ended June 20 totaled 667,200 metric tons for 2024/25, above trade estimates for 200,000 to 600,000 tons.
Market players positioned themselves ahead of data from the USDA's acreage report to be released on Friday.
Reporting by Renee Hickman in Chicago; Editing by Josie Kao
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