Chicago Board of Trade wheat futures were higher early on Tuesday in a short-covering bounce after a series of recent contract lows, traders said. March wheat as of 10:15 am CST (1615 GMT) was up 2 cents at $2.93 per bushel. Fimat Futures bought 1,000 March, traders said. A heavy net short position held by large commodity funds was bullish.

The latest Commitments of Traders report by the Commodity Futures Trading Commission showed large speculators remained short in CBOT wheat futures by a margin of more than 2 to 1, leaving the market open to short-covering.

Copyright Reuters, 2005