CHICAGO, Jan 14 (Reuters) - U.S. wheat futures rose on Thursday, buoyed by gains in the corn market and hopes for increased exports, traders said. * Fund buying underpinned the market with investors wary of taking short positions in commodities after recent rallies, a trader said. * K.C. hard red winter wheat and MGEX spring wheat futures notched the biggest gains, outpacing the 1.5% increase in the benchmark Chicago Board of Trade March soft red winter wheat contract. * CBOT March wheat hit resistance at the high end of its 20-day Bollinger range while MGEX March spring wheat and K.C. HRW broke through that key technical point. * Weekly wheat export sales totaled 232,000 tonnes, the U.S. Agriculture Department said. That was below market forecasts that ranged from 250,000 to 550,000 tonnes. * Russia may continue taxing wheat exports in the new marketing season, which starts on July 1, Interfax news agency reported on Thursday, citing a letter from the agriculture ministry to the Russian Union of Grain Exporters. Last Net Pct Low High Volume chng chng WHEAT SRW MAR1 670.50 10.00 1.5 653.00 673.25 57699 WHEAT SRW MAY1 671.25 10.00 1.5 654.50 673.75 22042 WHEAT HRW MAR1 637.25 11.50 1.8 621.00 640.75 18829 WHEAT HRW MAY1 641.00 11.50 1.8 624.50 643.75 8132 SPG WHT MAR1/d 640.75 12.00 1.9 624.00 643.50 8362 SPG WHT MAY1/d 649.00 12.00 1.9 632.25 651.50 5227 (Reporting by Mark Weinraub)
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U.S. wheat futures rise, corn strength supportive - Successful Farming
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