Chicago Board of Trade wheat futures closed mostly higher on Monday, with the March contract turning up on bargain buying and short-covering after dipping to a 3-1/2 week low, traders said. CBOT March soft red winter wheat settled up 1-3/4 cents at $5.55-1/2 per bushel, after falling to $5.46-1/2, its lowest since January 8.
K.C. March hard red winter wheat ended up 1-1/4 cents at $4.66-3/4 a bushel while MGEX March spring wheat finished down 3/4 cent at $5.33. The US Department of Agriculture reported export inspections of US wheat in the latest week at 413,984 tonnes, in line with trade expectations for 300,000 to 500,000 tonnes.
Soft wheat exports from French ports stayed at a six-year high in January despite intermittent docker and tug boat strikes that saw shipments delayed for up to three weeks in some cases, Refinitiv data showed. Export prices of Russian wheat fell last week for the first time since November due to strong competition and growing fears over the spread of China's coronavirus, analysts said.
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