Chicago Board of Trade wheat futures closed higher on Wednesday, rebounding from a near two-month low, following broad strength in commodities and Wall Street equities tied to optimism that the coronavirus epidemic will be contained, traders said.

CBOT March soft red winter wheat settled up 5-1/2 cents at $5.47-1/2 per bushel, turning higher after a dip to $5.38-1/4, the contract's lowest since Dec. 16.

K.C. March hard red winter wheat ended up 2-3/4 cents at $4.71 a bushel while MGEX March spring wheat finished flat at $5.31-1/4.

Rallies capped by the US Department of Agriculture's monthly forecast, released on Tuesday, for 2019/20 global wheat inventories to remain adequate.