Chicago Board of Trade May wheat futures closed higher on Wednesday, gaining for the second straight session on short-covering ahead of the US Department of Agriculture's Friday reports, traders said. Rallies limited by significant rains that fell overnight in the southern US Plains winter wheat belt, easing concerns about dryness. More showers were expected in the Plains and southern Midwest over the next week, analysts said.
Analysts surveyed by Reuters expected the USDA on Friday to project a decline in US spring and total wheat plantings and a year-on-year increase in March 1 wheat stocks. CBOT May wheat settled up 1 cent at $4.25-1/2 per bushel. K.C. May hard red winter wheat ended half a cent down at $4.23-1/2 and MGEX May spring wheat rose 8-1/4 cents to $5.43-1/4.
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