Wheat futures on the Chicago Board of Trade closed higher on Wednesday on light technical buying including short-covering, traders said. CBOT May wheat futures settled 2-3/4 cents higher at $4.29 per bushel. Commodity funds continue to hold a large net short position in CBOT wheat futures, leaving the market open to bouts of short-covering.
K.C. May HRW wheat settled up 3-1/4 cents at $4.25 a bushel while MGEX May spring wheat closed down 2-3/4 cents at $5.24. Traders awaited the results of a wheat tender from Algeria's state grains agency. Private analytics firm Informa Economics projected US winter wheat production for the 2017-18 marketing year at 1.285 billion bushels, trade sources said. The figure compares to the US Department of Agriculture's 2016-17 production figure of 1.672 billion bushels. Ukraine is expected to harvest 24.2 million tonnes of wheat in 2017, analyst UkrAgroConsult said, raising its forecast from 23.5 million tonnes.
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