CBOT wheat rises on short covering, bargain buying, after recent declines

CHICAGO: Chicago Board of Trade (CBOT) wheat futures advanced on Wednesday as bargain buying and short covering emerged after recent declines, traders said.

CBOT May soft red winter wheat settled up 2 cents at $4.47 per bushel, after the market touched a one-month low on Tuesday.

K.C. May hard red winter wheat closed 3-1/2 cents higher at $4.20-1/2 a bushel, after setting a contract low on Tuesday.

MGEX May spring wheat rose 1/2-cent at $5.27-3/4, after setting a contract low on Tuesday.

"It's just more of a technical bounce," said Brian Hoops, president of US broker Midwest Market Solutions. "There's some people trying to bargain hunt and buy cheap wheat."

Wheat futures still face pressure from large global supplies and competition for export business on the global market.

The USDA on Thursday is expected to report that US wheat export sales in the week ended April 11 were 350,000 to 700,000 tonnes, according to analysts' estimates collected by Reuters.