US wheat futures rose on Tuesday, led by a 4.3 percent rise in the nearby Chicago Board of Trade contract, due to technical fund buying, traders said. Short covering also added support as traders scrambled to cover open positions as the market rose.
The CBOT March wheat futures contract closed 26-3/4 cents higher at $6.43-1/2 a bushel. May was up 27 cents at $6.56-1/2. The CBOT spot contract closed at its highest level since early October. Kansas City Board of Trade hard red winter wheat for March delivery settled up 27-3/4 cents at $6.70 a bushel. The May contract was 27-1/2 cents higher at $6.81 a bushel.
The spot Kansas City contract had not reached that level since mid-November. Fund buying and stronger outside markets lifted Kansas City prices. Minneapolis Grain Exchange spring wheat for March delivery settled 27-1/4 cents higher at $6.84-1/2 a bushel. The May contract was up 28-1/4 cents at $6.89-1/2 a bushel. Minneapolis wheat futures closed at their highest level since early October.
EU wheat jumps 5 percent due to weak euro, recovery hopes. Japan seeks 127,000 tonnes of wheat through tender. Large speculators trim net shorts in CBOT wheat - CFTC. Cash bids for hard red winter wheat in the US Plains were unchanged on Tuesday morning amid limited farmer selling and routine mill demand.