Wheat futures at the Chicago Board of Trade were higher at mid-morning on Wednesday on a technical rebound after closing mostly lower for the past two sessions, traders said. Wheat futures at 10:45 am CST (1645 GMT) were up 1/4 cent to 2-1/2 cents per bushel, with March up 1/4 cent at $3.05-1/4. Trade was thin ahead of the New Year's holiday. The CBOT will close early on Thursday and remain closed on Friday for New Year's Eve.
Cargill Investor Services was an early buyer of 100 March contracts, traders said. Commodity funds remain net short the wheat market by more than a 2-to-1 margin, creating potential for occasional short-covering rallies.
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