CHICAGO: Chicago Board of Trade (CBOT) wheat futures strengthened on Thursday on spillover support from gains in the neighboring corn and soybean markets, traders said.
CBOT July soft red winter wheat settled up 4-1/4 cents at $5.26-1/2 a bushel.
The contract recovered after dropping on Wednesday to $5.14-1/4, its lowest price in a week.
K.C. July hard red winter wheat ended up 3 cents at $4.60-1/2 a bushel, and MGEX July spring wheat fell 3-1/4 cents to $5.38-1/4.
CBOT wheat got a boost as corn and soybean futures rose on worries about more US rains causing crop problems after planting delays this spring, traders said.
Rain is separately expected to ease unfavorable dryness in areas of the Canadian prairies where spring wheat is grown, according to weather firm Maxar.
Dry weather in Russia, the world's top wheat exporter, prompted agricultural consultants IKAR and SovEcon to lower their forecasts for Russian wheat exports in the 2019/20 marketing season starting July 1.
Reductions in Russia's exports could open the door for other suppliers like the United States to make additional sales, an analyst said.
The US Agriculture Department said that export sales of US wheat totaled 187,600 tonnes in the latest reporting week. Analysts' forecasts for weekly wheat export sales ranged from 200,000 to 500,000 tonnes.
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