CBOT wheat ends firm on short-covering, bargain buying

CHICAGO: Chicago Board of Trade (CBOT) wheat futures rebounded on Wednesday in a bargain-buying and

short-covering bounce from two-week lows posted the previous day, traders said.

* CBOT March soft red winter wheat settled up 1-1/2 cents at $5.12-1/2 per bushel. The contract encountered chart resistance at key technical levels, including the 20- and 50-day moving averages.

* K.C. March hard red winter wheat ended unchanged at $4.95-1/2 a bushel while MGEX March spring wheat rose 3 cents to $5.65 a bushel.

* The market was supported by worries that recent snowfall in the US Plains was not expansive enough to protect some crops ahead of a cold snap.

* Speculation that top wheat exporter Russia may try to curb overseas shipments amid tightening supplies continued to underpin prices, although Moscow has denied such moves.

* Traders continue to watch for any wheat demand from China following promises by Beijing to purchase "a significant amount" of US agricultural goods and other products.