Chicago Board of Trade wheat futures closed higher on Monday, advancing on short-covering and profit-taking on inter-market spread positions even as corn, soybeans and most other commodities fell, traders said. CBOT May soft red winter wheat settled up 3 cents at $5.18-3/4 per bushel.
K.C. May hard red winter wheat ended down 5-1/4 cents at $4.41 a bushel and MGEX May spring wheat fell 4-1/2 cents to finish at $5.20-3/4. The US Department of Agriculture (USDA) reported export inspections of US wheat in the latest week at 415,548 tonnes, toward the low end of trade expectations for 400,000 to 700,000 tonnes.
Worries about export competition hung over the CBOT market, capping rallies. The Russian rouble weakened as crude oil prices tumbled, making Russian wheat more attractive to those holding other currencies. Algeria's state grains agency OAIC issued an international tender to buy soft milling wheat to be sourced from optional origins, European traders said. Traders await weekly USDA state crop condition reports due later on Monday from a handful of winter wheat states including Kansas, Texas and Oklahoma.