March wheat was 7 cents higher overnight. The dollar was mixed to higher. Lighter trade ahead of the Thanksgiving holiday has kept the wheat market choppy and in a narrow range according to traders. Wheat posted a modest loss yesterday despite impressive gains in corn and soybeans. Welcome rains moved from Missouri through central Illinois and into southern Indiana overnight as moisture levels continue to improve in many areas of the Midwestern soft red winter wheat belt. The prior 24 hours saw much-needed rain in northern Indiana and moderate to heavy rains in parts of northern Illinois. However, most of the Plains’ hard red winter wheat belt remains dry, especially the western and north central Plains where stress is increasing ahead of winter dormancy. Argentina’s Agriculture Ministry raised its estimate of the country’s 2010/11 wheat crop to 12.5 million tonnes yesterday from a previous estimate of 12.0 million. Japan bought 68,599 tonnes of wheat on its regular weekly tender. Tunisia is tendering to buy 25,000 tonnes of soft milling wheat according to traders. The bidding deadline is tomorrow and shipment is for January or February

Bron: CME