Wheat futures on the Chicago Board of Trade reached a one-week high on Tuesday on technical buying that included short-covering by funds, traders said. CBOT March wheat settled up 16 cents at $4.09-1/2 per bushel after reaching $4.11, the contract's highest since December 19. K.C. March hard red winter wheat ended up 12-1/2 cents at $4.18-3/4 a bushel and MGEX March spring wheat rose 8-1/4 cents to $5.39.
The US Department of Agriculture reported export inspections of US wheat in the latest week at 520,975 tonnes, above a range of trade expectations of 300,000 to 500,000 tonnes. Weekly data from the US Commodity Futures Trading Commission showed large speculators expanded their big net short position in CBOT wheat in the week to December 20, leaving the market vulnerable to short-covering.
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