US wheat futures firmed on Wednesday, posting a higher close on a mild technical bounce following early weakness, traders said. The benchmark Chicago Board of Trade March soft red winter wheat contract found support around its 23.6 percent retracement point on a Fibonacci chart tracking its fall rally to the 4-1/2-month high it hit on Friday.
Weakness in the corn market limited buying in wheat. Analysts were expecting a weekly US Agriculture Department report on Thursday morning to show wheat export sales between 300,000 tonnes and 700,000 tonnes. A week ago, wheat export sales totaled 612,655 tonnes.
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