Wheat Futures 2012 Higher, World Market uncertainly

Wheat futures end higher, rallying on exports and uncertainty about Ukraine's ability to supply the world market. Traders say fresh soft red winter sales to Egypt bolstered the notion that U.S. exports will increase thanks to supply disruptions in the Black Sea region. News that the Ukraine has moved to stop wheat exports reinforced that sentiment. Still, traders say the market's upside is tied closely to corn, and limited by abundant global wheat supplies. CBOT March wheat ends up 15 1/4c to $6.44 per bushel, while KCBT March wheat climbs 6 1/2c to $6.89 1/2. MGEX March wheat ends up 4 1/2c to $8.22 1/4, although deferred cOil rose to a nine-month high in New York after Iran said it halted some crude exports and investors bet that fuel demand will increase as Europe moves closer to bailing out Greece.

Wheat for May delivery gained 1.3 percent to $6.435 a bushel by 1:35 p.m. London time on the Chicago Board of Trade, taking gains for the most-active contract to 2.1 percent this week. Milling wheat for May delivery gained 1.2 percent to 208.50 euros ($274.76) a ton on NYSE Liffe in Paris.

Wheat rose after Egypt bought from U.S. inventories and corn gained on a Department of Agriculture report that showed overseas sales jumped last week. Soybeans also rose.

Egypt bought 180,000 metric tons of U.S. wheat at a tender yesterday, said Nomani Nomani, vice chairman of the General Authority for Supply Commodities. That added to the 55,000 tons bought from the U.S. on Feb. 11. U.S. corn sales in the week through Feb. 9 totaled 1 million tons, up 41 percent from the prior week, USDA data show.

Futures climbed as much as 2.1 percent for a fourth day of gains, the longest rising streak since December. Iran will supply crude to “new customers” instead of companies in the U.K. and France, the oil ministry’s news website, Shana, said, citing Alireza Nikzad Rahbar, a spokesman. Prices also advanced as European finance ministers prepared to meet to discuss a 130 billion-euro ($172 billion) aid package for Greece, the country’s second rescue in less than two years.