CHICAGO: Chicago Board of Trade wheat futures rebounded from steep prior-session losses on Wednesday in a short covering and technical buying bounce from two-month lows posted earlier this week, traders said. CBOT March soft red winter wheat gained 13-1/4 cents to end at $5.83-1/4 per bushel. Technical buying as the contract broke through chart resistance at its 100-day moving average accelerated gains.
K.C. March hard red winter wheat rallied 14 cents to $5.51 a bushel and MGEX March spring wheat jumped 12-1/4 cents to settle at $5.55-1/2 a bushel. Investors squared positions ahead of the US Department of Agriculture's monthly World Agricultural Supply and Demand Estimates report on Thursday that is expected to show an increase in the global wheat stocks forecast.
Grain trade association Coceral on Wednesday forecast soft wheat production in the European Union and Britain would rise next year to 143.0 million tonnes from the 127.9 million estimated in 2020. The USDA is due to issue weekly export sales data early on Thursday. Analysts expect net US wheat sales between 200,000 and 550,000 tonnes.
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