Chicago Board of Trade wheat futures closed higher on Tuesday on a technical bounce a day after the July contract hit a near two-week low, and on worries about stressful crop weather in the Black Sea region, traders said. CBOT July soft red winter wheat settled up 4-3/4 cents at $5.10 per bushel but stayed in side of Monday's trading range.
K.C. July hard red winter wheat ended up 7-1/2 cents at $5.29 a bushel and MGEX July spring wheat rose 3-3/4 cents at $5.97.
Rally limited by seasonal pressure from the start of the US winter wheat harvest.
The US Department of Agriculture late on Monday said the US winter wheat harvest was 5 percent complete. The USDA also rated 37 percent of the US winter wheat crop in good to excellent condition, down from 38 percent the previous week.
The USDA rated 70 percent of the US spring wheat crop as good to excellent, near the average analyst expectation of 71 percent.
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