Chicago Board of Trade July wheat futures closed 2 cents higher on Thursday at $4.33-3/4 per bushel, lifted by technical buying and short-covering, analysts said. K.C. July hard red winter wheat closed up 1-1/2 cents to $4.40-3/4 a bushel, while MGEX July spring wheat rose 3-1/4 cents to $5.48-1/4.

Worries about excessive rains in the US Plains and Midwest winter wheat areas added support. But ample global wheat supplies hang over the market, capping rallies. The CBOT reported 13 deliveries against the CBOT May wheat contract, which expires on Friday, and five K.C. wheat deliveries. There were no deliveries of MGEX May spring wheat.

Copyright Reuters, 2017