Wheat rises on strong demand outlook

Wheat prices rose during Thursday trading on the Chicago Board of Trade, supported by technical buying and strong demand for grains.

Saudi Arabia has issued a tender to purchase 655,000 metric tons of wheat, according to an announcement by the Saudi government authority responsible for grain procurement.

Delivery of the wheat is scheduled between May and July, according to the General Food Security Authority.

Market traders in Europe said the deadline for submitting price offers is February 27, with results expected to be announced on March 2.

Traders added that the shipments will be delivered عبر 11 maritime consignments, including one vessel to Jazan port, three shipments to Dammam, three to Yanbu, and four to Jeddah.

According to the details, up to 240,000 tons are requested for delivery to Jeddah between May 1 and July 15, 180,000 tons to Yanbu for arrival between May 15 and June 30, 180,000 tons to Dammam between May 1 and July 15, and 55,000 tons to Jazan between June 1 and June 15.

Traders noted that shipments to Jeddah, Dammam, and Yanbu were requested in batches of 60,000 tons each. They also indicated that final purchases could exceed the announced tender volume of 655,000 tons.

In its previous tender dated January 19, the authority purchased approximately 907,000 tons of hard wheat.

In trading activity, May wheat futures rose 0.7% to $5.74 per bushel at 19:20 GMT.