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 settle 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 soyabean and corn futures gain ground.
The benchmark CBOT March soft red winter wheat contracts 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.