CHICAGO: US wheat futures ended higher on Wednesday in a short-covering recovery following several days of contract lows in both spring and winter wheat futures.
* Commodity funds hold a massive net short position in wheat futures markets, leaving them susceptible to bouts of short-covering.
* CBOT July soft red winter (SRW) wheat settled down 7-1/4 cents at $4.36 per bushel.
* K.C. July hard red winter (HRW) wheat ended up 6 cents at $4.00 a bushel. MGEX July spring wheat rose 5 cents to $5.12.
* Concerns about planting delays due to rain and chilly temperatures propped up spring wheat futures.
* The United States may push for a quick trade deal with Japan, a top US wheat importer, to gain the same access to agricultural markets as some other Japanese trade partners, US Secretary of Agriculture Sonny Perdue said on Tuesday.
* Traders are monitoring observations from an annual wheat crop tour surveying fields in Kansas this week.
* Western Kansas HRW wheat fields were in good shape and showed better yield potential than a year ago, but the crop is less mature than normal for this time of year, scouts said on Wednesday.
* Good weather in key global wheat production areas, including parts of Russia and the European Union, has also weighed on wheat prices.
* The US Department of Agriculture is due to release weekly export sales data early on Thursday. Analysts are expecting 200,000 to 500,000 tonnes of old-crop wheat sales and 50,000 to 350,000 tonnes in new-crop sales.
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