CBOT wheat rises 1.3 percent on short-covering

CHICAGO: Chicago Board of Trade wheat futures rose on Wednesday, snapping a streak of seven straight lower closes.

Traders said that short-covering lent support to wheat futures, which sank to contract lows on Tuesday after the US Agriculture Department cut its export outlook for the grain and raised its view on domestic stockpiles.

K.C. hard red winter wheat futures and MGEX spring wheat futures also posted higher closes.

The benchmark Chicago Board of Trade March soft red winter wheat contract found technical support near the low end of its Bollinger range. Resistance was noted at its five-day moving average.