CHICAGO: Chicago wheat futures rebounded on Thursday after a four-day slide, while the grains market overall steadied as US and China trade negotiators sketched an outline for what could be a deal to end the trade war.
* Chicago Board of Trade's March soft red winter wheat settled up 5-3/4 cents at $4.86-1/2 a bushel. The most-active May contract settled up 6-3/4 cents at $4.91 a bushel.
* K.C. March hard red winter wheat ended up 5-1/4 cents at $4.55-1/4 a bushel, while MGEX March spring wheat settled up 9 cents at $5.57-3/4 a bushel.
* Thursday's technical bounce in wheat was encouraged by optimism over the trade negotiations, which also helped soybean and corn futures gain ground.
* The benchmark CBOT March soft red winter wheat contract climbed above the low end of the 20-day Bollinger range during its overnight trading session.
* Technical buying and short-covering helped fuel the rebound in prices on Thursday, after wheat had dropped to a seven-month low on Wednesday as disappointing export news and investment fund selling took prices through chart support levels.
* US farmers will plant 47.0 million wheat acres this spring, down from 47.8 million a year earlier, the US Department of Agriculture projected on Thursday.
* A Reuters poll of analysts estimated wheat seedings would drop to 47.2 million acres.
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