CBOT wheat futures rise to one-week high

Chicago Board of Trade wheat futures rose more than 2 percent on Monday, rising above $5 a bushel for the first time in a week on technical buying and concerns about harvest delays in the US Midwest, traders said. Large speculators continue to hold a net short position in CBOT wheat, leaving the market open to periodic rounds of short-covering.
Analysts expected USDA later on Monday to show the US winter wheat harvest at 21 percent complete, below the normal pace of 31 percent by late June. K.C. hard red winter and MGEX spring wheat futures also closed higher but gains were limited in the K.C. market by forecasts for improved harvest weather this week in the southern Plains. Worries about dry conditions in Canada added support, especially for MGEX spring wheat. USDA said 290,275 tonnes of wheat were inspected for export in the latest week, just below the low end of analyst expectations and the smallest total since the week of January 22.