CHICAGO: Chicago Board of Trade May wheat futures closed 4-3/4 cents higher on Monday at $4.28-3/4 per bushel on technical buying and short-covering, traders said.
K.C. May HRW wheat settled up 3-3/4 cents at $4.25-1/2 a bushel and MGEX May spring wheat closed up 1 cent at $5.19-1/4.
The supplement to the US Commodity Futures Trading Commission's weekly Commitments of Traders report showed that non-commercials stretched their net short position in CBOT wheat in the week to April 4 to 157,932 contracts, the widest since October, leaving the market prone to short-covering rallies.
Upside momentum capped by forecasts for scattered rains in the US Plains winter wheat belt over the next two weeks that should bolster yield prospects.
Ahead of the US Department of Agriculture's weekly crop progress report due later on Monday, analysts surveyed by Reuters expected the government to rate 52 percent of the US winter wheat crop as good to excellent, up from 51 percent a week earlier.
Russian wheat export prices rose slightly last week due to farmers holding on to their goods in the expectation of further price growth, Russian agriculture consultancy IKAR said.
The USDA reported export inspections of US wheat in the latest week at 641,365 tonnes, above a range of trade expectations for 400,000 to 600,000 tonnes.
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