Chicago Board of Trade wheat futures were higher early Tuesday on a short-covering bounce after Monday's weak close, traders said. Supportive export news underpinned values as well. As of 10:50 am CST (1650 GMT), March wheat was up 2 cents per bushel at $2.97-1/4. Tenco Inc bought 300 March contracts early while Fimat Futures and Prudential Securities each bought 200 March, traders said.
The latest CFTC Commitments of Traders report showed that large speculators held a record short position in wheat, leaving the market open to short-covering.