Tuesday saw ag futures rally on news that Egypt purchased 240,000 tons of soft, red winter wheat - the kind used in flatbread and crackers - even with decade-high prices, according to wire service reports.
Egypt has emerged as a major player in the wheat export forecast for the 2007 trading year. The U.S. has already exported 140 million bushels of this year's 160-million-bushel crop, according to some sources, with Egypt buying nearly half. Wheat for December delivery rose 13 cents to $7.04 per bushel at the Chicago Board of Trade.
Corn also got a boost when Iran announced a 120,000 metric ton purchase with December corn rising to $3.55 per bushel at the CBOT. Some say that soybeans took a sympathetic rise on the corn and wheat boost, with November beans rising to $8.31 per bushel on Tuesday's trade.