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CBOT wheat closes firm on short covering, technical buying

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By Shoaib Ur Rehman

imageCHICAGO: Chicago Board of Trade soft red winter wheat futures edged higher on Tuesday, their third straight day of modest gains.

Traders said a mild round of short covering and technical buying supported the wheat market.

The benchmark CBOT December contract broke through its 20-day moving average.

Plentiful global supplies and weak export demand for the grain kept a bearish tone over the wheat market and limited the gains.

K.C. hard red winter wheat futures also rose but MGEX spring wheat faltered, easing slightly amid seasonal harvest pressure.

Copyright Reuters, 2016

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