CBOT wheat advances on unfavorable heat, dryness in Russia

CHICAGO: Chicago Board of Trade (CBOT) wheat futures ended firmer on Monday as traders worried about heat and dryness hurting yields in the Black Sea region.

* CBOT July soft red winter wheat ended up 3 cents at $5.07-1/2 a bushel.

* K.C. July hard red winter wheat ended up 4 cents at $4.53 a bushel, while MGEX July spring wheat settled down 1/4 cent at $5.68-1/2 a bushel.

* The next two weeks are expected to remain dry in Russia, the world's top exporter of the grain.

* Temperatures will also remain well above normal in Russia and Ukraine, accelerating drying of soils and increasing stress on wheat, according to weather firm Maxar.

* In the United States, some winter wheat has been hit with too much rain this spring, which can hurt the quality of the crop, traders said.

* The US Department of Agriculture is expected to rate 63% of the nation's winter wheat as good to excellent, down from 64% the previous week, according to a Reuters poll.

* Analysts expect the agency to report the winter wheat harvest as 7% complete.

* US spring wheat planting was seen as 97% complete, and analysts expected the government to rate 82% of the crop as good to excellent, according to the Reuters poll.