Chicago Board of Trade (CBOT) wheat futures ended firm on Thursday, lifted by technical buying and short covering after sinking more than 2 percent over the previous two sessions, traders said. A weakening US dollar, which makes US wheat cheaper to those holding other currencies, also supported the market.
CBOT March soft red winter wheat settled a penny higher at $5.23-1/2 per bushel. The contract held chart support at its 20- and 50-day moving averages. K.C. March hard red winter wheat ended 1 cent higher at $5.09-1/2 a bushel and MGEX March spring wheat fell 1/2 cent to $5.68.
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