Soft red winter wheat futures rose at the Chicago Board of Trade early on Wednesday as a round of short covering hit the beaten down market, traders said. Prices also were receiving support from news that Iraq tendered for at least 100,000 tonnes optional-origin wheat.
At 11:40 am CST (1740 GMT), CBOT March wheat was up 16-3/4 cents at $4.99 a bushel. The market briefly rose to more than $5.00 a bushel for the first time since January 26.