Oct. 10 (Bloomberg) — Wheat futures in Chicago gained for the first time in five days as investors bet recent declines were overdone and importers including Egypt and South Korea sought supplies.

The most active contract had fallen 8.8 percent in the four days to yesterday, the biggest drop since Nov. 19, 2003, on speculation farmers will boost planting to take advantage of record prices. The drop spurred importers, including Egypt, Japan, Turkey, Taiwan and South Korea, to buy wheat this week.

“We saw buying interest from importing countries when wheat prices fell to around $8.40 a bushel,” Takaki Shigemoto at Okachi & Co. in Tokyo said by telephone today. “There is no doubt about consumer buying interest.”

Full article here.

Advertisements