US wheat futures closed higher on Wednesday as traders covered their short positions ahead of the Christmas holiday. Volumes were light. US grain exchanges will be closed on Thursday for the Christmas holiday. The Chicago Board of Trade March wheat futures contract rose 7 cents to close at $5.82-1-4 a bushel, a gain of 1.2 percent.
The May contract was 7 cents higher at $5.94-3-4 a bushel. Funds bought 2,500 contracts, traders said. Kansas City and Minneapolis wheat prices also ended higher. Kansas City Board of Trade hard red winter wheat for March delivery was up 6 cents at $6.00 a bushel. The May contract was 5-3-4 cents higher at $6.10-1-2 a bushel.
Minneapolis Grain Exchange spring wheat for March delivery settled 16-1-2 cents higher at $6.41-3-4 a bushel. The May contract was up 15-3-4 cents at $6.41-3-4 a bushel. Morocco's state grains agency said it awarded licenses to traders to buy 300,000 tonnes of soft wheat. Exporters of US wheat dropped their basis offers in response to bleak export demand.
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