CBOT wheat nears 3-month high on bargain-buying, short covering

CHICAGO, Feb 12 (Reuters) - Chicago Board of Trade wheat futures rose nearly 3% on Thursday on chart-based buying and short-covering, traders said.

• CBOT March soft red winter wheat WH26 settled up 15-1/4 cents, or 2.8%, at $5.52-1/2 per bushel, after reaching $5.53-1/2, the contract's highest since November 20.

• CBOT March wheat WH26 ended just above its 200-day moving average near $5.51.

• K.C. March hard red winter wheat KWH26 settled up 15-1/2 cents at $5.54 a bushel.

• Minneapolis March spring wheat MWEH26 rose 7-1/4 cents at $5.77-1/2 a bushel.

• Managed commodity funds hold a large net short position in CBOT wheat futures, leaving the market prone to short-covering rallies, while ample global grain supplies continue to anchor prices.

• The U.S. Department of Agriculture reported net export sales of old-crop U.S. wheat in the week ended February 5 at 488,000 metric tons, near the high end of a range of trade expectations for 200,000 to 500,000 tons. EXP/WHE

• Consultancy Expana lowered its forecast for European Union soft wheat exports in the 2025/26 season by 1.2 million metric tons this month to 27.6 million, citing tough competition on world markets.

• Grain shipments to Ukrainian ports so far this year lag behind last year's levels despite increases since the start of February, state railway company Ukrzaliznytsia said.

• Officials and analysts say that Russia's attacks on Ukrainian ports and energy infrastructure have significantly complicated both the delivery and shipment of goods for export.