CHICAGO: Chicago Board of Trade wheat futures were up 1 percent on Wednesday, rising for the first time in four sessions on short-covering and worries that bitter cold temperatures could harm winter wheat plants in the US Plains, traders said.
Wheat rallied from earlier declines as traders started to square up positions before the end of the year. Investment funds were exiting a part of their nearly record-large net short in US wheat futures.
The most extreme cold temperatures will reach US Plains wheat areas on Sunday and Monday, putting plants at risk of so-called winterkill, World Weather Inc said in a client note.
The state buying agency for top wheat importer Egypt said it purchased 180,000 tonnes of Russian wheat in a tender.
Benchmark CBOT March soft red winter wheat ended up 5-3/4 cents at $4.28 a bushel. K.C. March hard red winter wheat was up 5-1/2 cents at $4.25-1/2 a bushel and MGEX March spring wheat was 10-1/4 cents higher at $6.21-1/4.
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