Wheat futures on the Chicago Board of Trade closed higher on Wednesday on bargain buying after a three-session slide pushed the CBOT September contract to one-week low, traders said. CBOT September soft red winter wheat settled up 5-1/2 cents at $4.88-1/2 per bushel but stayed inside the previous day's trading range. K.C. September hard red winter wheat ended up 2-3/4 cents at $4.78-1/4 a bushel while MGEX September spring wheat fell 4-1/4 cents at $5.41-1/4.
MGEX spring wheat futures set contract lows across the board, pressured by improving weather in the northern US Plains and the Canadian Prairies that has buoyed yield prospects. Ahead of the USDA's acreage report on Friday, analysts surveyed by Reuters on average expect the government to reduce its estimates of US 2018 spring wheat and total wheat seedings from its March forecasts.
Friday is also first notice day for deliveries against CBOT July futures contracts.