US wheat futures close firm again after early weakness

CHICAGO: US wheat futures rose for a sixth day in a row on Wednesday, extending a rally as technical buyers stepped into the market following early declines.

Prices rebounded from negative territory after holding support near lows hit on Monday.

The most-active Chicago Board of Trade soft red winter wheat and K.C. hard red winter wheat contracts staked out two-year highs, but settled below session peaks.

Forecasts for more hot weather in the northern US Plains supported MGEX spring wheat contracts but profit-taking kept the gains in check.

Analysts were expecting a US Department of Agriculture report on Monday afternoon to show good to excellent ratings for spring wheat to fall 2 percentage points in the latest week.