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spring wheat futures on the Minneapolis Grain Exchange were higher on Wednesday, supported by light buying by locals and commercials, traders said.

"It's really quiet trade. We have commercial-type support; it may be exporter pricing," one trader said, adding that funds were mostly absent.

As of 12:01 pm CST (1801 GMT), MGE December wheat was up 2-1/2 cents at $3.74-1/2 per bushel after climbing to $3.77. Deferred months were up 2-3/4 to down 1/2 cent.

Slipover strength from Chicago and Kansas City wheat was supportive. CBOT wheat firmed on short covering ahead of Thursday's USDA crop reports and talk of export interest from India.

Wheat futures in India slipped on Wednesday on market talk the Indian government might import wheat in December or January.

Chicago traders predicted Australia would be the most likely supplier, but the rumours supported US wheat prices.

The India talk underscored ideas that strong export demand for hard wheat could prompt the United States Department of Agriculture to raise its projection for United States hard wheat exports in its November supply/demand reports due out on Thursday.

Copyright Reuters, 2005


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