CHICAGO: Chicago Board of Trade wheat futures closed modestly higher Wednesday on technical buying including short-covering in the wake of contract lows established last week, traders said.
CBOT December wheat settled up 2-3/4 cents at $4.45-3/4 per bushel.
K.C. December hard red winter wheat ended up 3-3/4 cents at $4.48-3/4 a bushel while MGEX December spring wheat jumped 15-1/2 cents at $6.44-1/2.
MGEX spring wheat rose on ideas the market was oversold following a six-week slide in the December contract. Spring wheat spreads firmed, with nearby contracts gaining against back months, as traders took profits on bear-spread positions.
The US Department of Agriculture said the US spring wheat harvest was 89 percent complete as of Sunday, ahead of the five-year average of 78 percent.
Statistics Canada reported July 31 all-wheat stocks at 6.9 million tonnes, up from 5.2 million a year earlier and above an average of trade expectations for 6.0 million.
The CBOT reported 143 deliveries against CBOT September wheat futures, the first of the cycle, and 158 K.C. wheat deliveries. The MGEX reported 26 September spring wheat deliveries.
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