Chicago Board of Trade wheat futures rose Tuesday, advancing to the day's highs in the final minutes of the session on position-squaring at the end of the month, traders said. CBOT March wheat settled up 6-3/4 cents at $4.20-3/4 per bushel. For the month, the contract rose 12-3/4 cents or 3.1 percent.
A softer dollar lent support, in theory making US grains more competitive on the global market. The dollar tumbled against key rivals and was on course for its worst month since March after US President Donald Trump commented on currency devaluation by other countries and his trade adviser remarked on the euro.
K.C. March hard red winter wheat ended up 3-3/4 cents at $4.29-1/2 a bushel while MGEX March spring wheat fell 2-3/4 cents at $5.48-1/2. The MGEX March/May spread weakened for a third straight session, possibly reflecting a weekly increase in stocks of deliverable wheat at Duluth/Superior terminals.
Russia's IKAR agriculture consultancy estimated Russia's 2017 wheat crop at 67 million tonnes, down from 73 million tonnes in the previous year, due to colder winter. Monthly condition ratings for winter wheat for January were mixed in the US Plains, with ratings improving in Oklahoma, Montana and South Dakota but declining in Colorado. Kansas wheat ratings were unchanged from a month ago.
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