CBOT wheat futures higher on short-covering

Wheat futures on the Chicago Board of Trade rose on Tuesday on fund-driven short-covering and a softer dollar, which tends to make US grains more attractive on the world market, traders said. CBOT March wheat settled up 7-1/2 cents at $4.33-1/2 per bushel and K.C. March hard red winter wheat ended up 3 cents at $4.52 a bushel.
Minneapolis Grain Exchange spring wheat futures bucked the higher trend, with the spot March contract ending down 16-1/4 cents at $5.66-1/2 a bushel on farmer selling and profit-taking after the March/May spread stretched to a 20-cent inverse. Egypt's state grain buyer, the General Authority for Supply Commodities, on Saturday bought 175,000 tonnes of Russian and 60,000 tonnes of Romanian wheat in an international purchase tender. No US wheat was offered.
The US Department of Agriculture reported export inspections of US wheat in the latest week at 344,436 tonnes, in line with trade expectations for 300,000 to 500,000 tonnes. Wheat market still digesting last week's bullish US winter wheat plantings estimate from the USDA. However, weekend storms brought beneficial moisture to the US Plains and Midwest winter wheat areas.