Disappointing weekly export sales data released by the US Department of Agriculture weighed on values earlier in the session.
CBOT December wheat closed up 1 cent at $3.24-1/2 per bushel after dipping to a five-week low at $3.22. Deferred months closed up 1-1/2 to down 1 cent.
Volume was light, estimated by the exchange at 23,558 futures, down from 28,875 on Wednesday. Wheat options volume was estimated at 4,385.
Funds were even to net buyers of 1,000 contracts, with FIMAT Futures a late buyer of 1,000 March, traders said.
Kansas City December wheat closed up 5-1/2 cents at $3.78-1/4 on commercial short covering and ideas that Iraq could buy more US wheat after closing a deal to buy 1 million tonnes this week.
"If we think they are going to be here in the future, you are going to see some commercials just covering short-term stuff," one Kansas City broker said, adding that KCBT trade was thin.
A senior Iraqi trade official this week said Iraq bought a total of 1 million tonnes of US wheat from Columbia Grain and Louis Dreyfus. Traders were awaiting USDA confirmation of the business.
USDA's weekly export sales report was bearish. The government reported export sales of US wheat for the week ended October 20 at 379,400 tonnes, below trade estimates for 500,000 to 700,000 tonnes. Sales to Iraq for the week totalled 1,100 tonnes.
In a bullish sign for US wheat prices, the European Union cut its wheat export subsidy to 7.49 euros per tonne, from 8.46 euros last week. The EU granted export licenses for 435,000 tonnes of wheat.
Overnight exports included Malta's purchase of 3,000 tonnes of French wheat and Jordan tendering for 100,000 tonnes of hard wheat. Also, Japan overnight bought 85,000 tonnes of wheat, with 65,000 tonnes coming from the United States.