CHICAGO: Chicago Board of Trade soft red winter wheat futures rose on Wednesday as traders covered short positions following two straight days of declines.
* The buying pushed the benchmark CBOT December contract above its 50-day moving average; it closed below that key technical level on Tuesday.
* MGEX spring wheat and Kansas City Board of Trade hard red winter wheat also rose, with MGEX December posting a 1.7 percent gain. Concerns about dry weather in Australia damaging the crop there raised demand for high-protein offerings.
* The US Agriculture Department, in its monthly crop report, left its estimate of 2012/13 domestic wheat ending stocks unchanged at 698 million bushels, slightly below trade expectations for 704 million.
* World ending stocks of wheat were cut to 176.71 million tonnes from 177.17 million, bigger than expectations for 174.489 million.
* Light rains are expected in most of the US Plains hard red winter wheat region, which will buoy fall wheat seeding prospects, said Andy Karst, meteorologist for World Weather Inc.
* Analysts expecting weekly USDA report on Thursday morning to show wheat export sales in range of 450,000 to 600,000 tonnes, compared with 573,400 tonnes a week ago.
* Jordan's state grains buyer purchased 100,000 tonnes of wheat for shipment in December and January. A trader said the wheat was from Ukraine.
* Ukraine's wheat harvest fell 35 percent from a year earlier due to hot, dry weather.
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