US wheat futures saw a modest lift on Tuesday as evidence of frost damage in the US Plains has tempered yield potentials, while improving weather in Europe and the Black Sea region muted gains, traders said.
Chicago Board of Trade benchmark July soft red winter wheat futures settled up 1-1/4 cents at $5.26 per bushel.
Kansas City July hard red winter wheat ended up 4-1/4 cents at $4.83-3/4 and MGEX July spring wheat finished up 5-1/4 cents at $5.14.
Argentine farmers have suspended soy and corn harvesting in the country's central grains belt due to heavy rains, while the extra moisture was expected to help wheat planting scheduled to start in May, growers and analysts said.
The US Department of Agriculture late Monday rated 54% of the US winter wheat crop in good to excellent condition in its Monday crop progress report, a drop from 57% the previous week.
For spring wheat, the USDA said the crop was 14% planted, lagging the five-year average of 29%.
Top global wheat importer Egypt said it had bought 578,000 tonnes of wheat from its local harvest since the start of the buying season on April 15. Egypt's government has said it is looking to buy around 3.6 million tonnes of local wheat this season.
Russia will suspend grain exports until July 1 only after the grain it has declared in its second-quarter quota has been shipped, the agriculture ministry said on Sunday.
Comments
Comments are closed for this article.