CBOT wheat futures higher

Chicago Board of Trade May wheat futures closed higher Tuesday in a light rebound from multi-month lows set a day earlier, traders said. Large speculators including commodity funds hold a hefty net short position in CBOT wheat, leaving the market prone to bouts of short-covering. Rally limited by forecasts for much-needed rains in the southern US Plains over the next week that should bolster yield prospects for the region's developing winter wheat crop. CBOT May wheat settled up 3-3/4 cents at $4.24-1/2 per bushel. K.C. May hard red winter wheat ended up 2-3/4 cents at $4.24 and MGEX May spring wheat rose 2 cents at $5.35.