Chicago Board of Trade wheat futures closed higher on Wednesday, rallying from early weakness on short-covering and position-squaring a day ahead of the US Department of Agriculture's monthly supply/demand report. CBOT September soft red winter wheat settled up 2 cents at $5.04-3/4 per bushel, turning up after dipping to $4.98, its lowest since June 6.
K.C. September hard red winter wheat ended up 2-1/4 cents at $4.41-1/2 a bushel and MGEX September spring wheat rose 2-1/4 cents to end at $5.28-3/4. Additional support noted from a drop in the US dollar index , which in theory makes US grains more competitive on the world market. Ahead of the US Department of Agriculture's weekly export sales report on Thursday.
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