Chicago Board of Trade (CBOT) wheat futures rebounded on Wednesday on short covering and technical buying as early selling pressure that spilled in from lower stock markets and crude oil evaporated. CBOT September soft red winter wheat ended 4-1/4 cents higher at $4.88-1/4 per bushel. The contract hit technical resistance at its 100-day moving average.
K.C. September hard red winter wheat fell 1/4 cent to $4.17-3/4 a bushel and MGEX September spring wheat fell 1 cent to $5.21. Wheat prices remain anchored by worries over US export demand and by an advancing US winter crop harvest. Traders are beginning to square positions ahead of next week's US Department of Agriculture (USDA) supply-and-demand report.