CBOT wheat futures surged on Tuesday, with the benchmark Chicago Board of Trade May soft red winter wheat contract jumping 5.5 percent on a round of technical buying and short-covering. On a percentage basis, it was the most-active wheat contract's biggest daily gain since July 25, 2018, and followed its retreat to its lowest in nearly 14 months on Monday.
K.C. hard red winter wheat rose 5.0 percent and MGEX spring wheat rose 2.8 percent. CBOT May wheat rose above its five-day average during Tuesday's session.
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