CHICAGO, Nov 24 (Reuters): U.S. wheat futures jumped to their highest in more than a week on Friday on hopes for improved export demand after sales to Egypt, while corn and soybean futures slumped.
The sale of 120,000 tonnes of U.S. wheat to Egypt in a tender on Thursday indicated that U.S. wheat has become competitively priced on the global market, after being too expensive, traders said.
Egypt also bought 60,000 tonnes of Russian wheat and 60,000 tonnes of Romanian wheat in the tender, which closed when U.S. markets were shut for the Thanksgiving holiday.
It was the second consecutive tender in which Egypt, the world's top wheat importer, bought U.S. wheat.
Analysts projected that the United States could see export demand continue to improve because of tightening supplies in Russia, the world's top wheat exporter.
"Our wheat prices have become competitive into some markets," said Arlan Suderman, chief commodities economist for U.S.-based broker INTL FCStone.
Pressuring soy prices was uncertainty about the potential for the United States and China to make progress to resolve a trade war at the upcoming G20 leaders' summit in Buenos Aires, traders said.
China is the world's largest soybean importer, and the oilseed is the United States' single largest agricultural export to the Asian country.
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