Chicago Board of Trade wheat futures closed higher Thursday on subdued technical buying and hopes of a pick-up in export demand for US supplies, traders said. CBOT December soft red winter wheat settled up 2-1/2 cents at $5.05-1/2 per bushel but stayed inside Wednesday's trading range.
Commodity funds hold a net short position in CBOT wheat, leaving the market vulnerable to bouts of short-covering. K.C. December hard red winter wheat ended down 1 cent at $4.80 a bushel after dipping to $4.78-3/4, its lowest since December 2017.
MGEX December spring wheat fell 1-1/4 cents at $5.74-3/4. The global grain market needs more US wheat to make up for tightening supply in other leading exporting zones, trading firms told an industry conference on Wednesday. Ahead of the USDA's export sales report, which is delayed until Friday.
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