Chicago Board of Trade wheat futures ended mostly higher on Monday as a Russian plan to cap grain exports for the rest of the season amid the coronavirus pandemic stirred hopes for accelerated US exports, traders said.
Wheat traded lower during Monday's session on spillover pressure from lower corn futures, but turned mostly higher late in the day. Corn came under pressure as tumbling energy prices dampened grain demand from the ethanol sector.
CBOT May soft red winter wheat, the only lower contract, ended down 1-3/4 cents at $5.69-1/2 per bushel. Deferred contracts were 1 cent to 12-1/2 cents higher.
K.C. May hard red winter wheat ended steady at $4.86-3/4 a bushel, while MGEX May spring wheat shed 2-1/4 cents to settle at $5.34-3/4.
Russia's Economy Ministry said on Monday it supported an Agriculture Ministry proposal to limit grain exports to 7 million tonnes from April through June.
Kazakhstan's Agriculture Ministry said it would introduce quotas on its exports of wheat and flour and lift the ban on flour exports introduced this month to ensure steady domestic supply amid the coronavirus crisis.