CHICAGO: Chicago Board of Trade wheat futures rebounded on Tuesday in a bargain-buying and short-covering bounce and on support about tightening global supplies, traders said.
* CBOT September soft red winter wheat settled up 10-3/4 cents at $4.91 per bushel. The previous session's 4.2-percent drop was the steepest for the most active contract since July 13, 2017.
* K.C. September wheat ended 13-1/4 cents higher at $4.84 a bushel. September spring wheat gained 8-1/4 cents to $5.35-1/4 a bushel.
* Markets will be closed on Wednesday for the US Independence Day holiday.
* Futures were supported by concerns that adverse weather has damaged crops in key production areas such as France and Russia, leading to tighter world stocks.
* The US Department of Agriculture late Monday said the US winter wheat harvest was 51 percent complete, up from 41 percent a week earlier and ahead of the five-year average of 49 percent.
* The USDA also rated 77 percent of the US spring wheat crop in good to excellent condition, unchanged from the previous week.
* The CBOT reported no deliveries against CBOT July wheat and 152 K.C. July wheat deliveries. The MGEX reported 62 July spring wheat deliveries.
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