Chicago Board of Trade (CBOT) wheat futures rebounded on Wednesday after two sessions of losses as technical buying and short covering lifted the market.
CBOT May soft red winter wheat ended 10-3/4 cents higher at $5.56 a bushel. The benchmark contract fell to a one-week low early in the session but found technical chart support at its 20-day moving average.
Commodity funds hold a sizable net short position in CBOT wheat futures, leaving the market open to short-covering rallies.
A softer dollar was also supportive as it makes U.S. grains more competitive globally.
K.C. May hard red winter wheat settled up 17-1/4 cents at $5.80-1/2 per bushel after earlier falling to its lowest since March 6.
MGEX May spring wheat ended up 12 cents at $6.39-1/2 a bushel.