Chicago Board of Trade wheat futures closed higher on Monday, rebounding from life-of-contract lows, drawing support from bargain buying and a larger-than-expected weekly export inspections figure, traders said. CBOT July soft red winter wheat settled up 12-1/4 cents at $4.37 per bushel, rallying after falling to a contract low of $4.18-1/2.
K.C. July hard red winter wheat ended up 10 cents at $3.97 a bushel after dipping to a contract low of $3.82.
Minneapolis Grain Exchange July spring wheat futures finished up 1 cent, settling at $5.18.
CBOT and K.C. wheat futures turned higher after the US Department of Agriculture (USDA) reported weekly export inspections of US wheat totaling 842,418 tonnes, topping trade expectations.
Ahead of the USDA's weekly crop progress report, analysts surveyed by Reuters on average expected the government to report US spring wheat planting progress as 35% complete, up from 22% a week earlier. Analysts on average expected the USDA to rate 64 percent of the US winter wheat crop in good to excellent condition, unchanged from the previous week.