Chicago Board of Trade futures rose on Wednesday, hitting session highs toward the close after a Federal Reserve statement opened the door further to an interest rate hike as early as June, pressuring the US dollar, traders said. Grains, crude oil, gold and Wall Street markets climbed after the Fed statement.
Technical buying including short-covering, supported CBOT wheat following Tuesday's 2 percent sell-off. K.C. hard red winter and MGEX spring wheat closed higher, following the trend.
But plentiful global wheat supplies and strong competition for export business continued to hang over the market, limiting gains. Chinese buyers purchased about 400,000 tonnes of high-protein wheat during the past few days, mostly from Australia and possibly Canada, European trade sources said.
A grower survey by Farm Futures magazine forecast US 2015 all-wheat seedings at 55.6 million acres, down 2.1 percent from 2014. The survey put winter wheat at 40.6 million acres, spring wheat at 13.4 million acres and durum wheat at 1.6 million acres.
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