CBOT wheat ends higher on bargain buying after three-month low
- CBOT May soft red winter wheat settled up 3-1/2 cents at $6.16-3/4 per bushel, after a drop to $6.07-1/4, its lowest since Dec. 22.
CHICAGO: Chicago Board of Trade wheat futures closed higher on Monday on bargain buying after the benchmark May contract dipped to its lowest level of 2021, traders said.
CBOT May soft red winter wheat settled up 3-1/2 cents at $6.16-3/4 per bushel, after a drop to $6.07-1/4, its lowest since Dec. 22.
K.C. May hard red winter wheat ended up 1-1/4 cents at $5.69-1/2 a bushel while MGEX May spring wheat fell 3-1/4 cents to $6.10-3/4.
A firmer dollar hung over the markets, in theory making US grains less competitive globally.
The US Department of Agriculture reported export inspections of US wheat in the latest week at 302,188 tonnes, below a range of trade expectations for 350,000 to 600,000 tonnes and a four-week low.
Traders await weekly USDA crop progress reports due later on Monday, showing winter wheat condition ratings for a handful of states. The USDA's full weekly US crop progress reports are scheduled to resume on April 5.
Analysts on average expect the USDA in its quarterly stocks report on Wednesday to report US March 1 wheat stocks at 1.272 billion bushels, down 10.1% from a year ago and the smallest since 2015.
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