Mumbai, 28 Feb (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures closed higher on short covering and technical buying on Tuesday, brokers said.
CBOT March soft red winter wheat futures settled 8-3/4 cents higher at $5.86 per bushel, and most-active May wheat ended up 9-1/2 cents at $5.84-1/4 per bushel.
K.C. May hard red winter wheat finished 9-1/4 cents stronger at $5.85-3/4 a bushel. MGEX May spring wheat last traded up 9-1/2 cents at $6.62-1/4 a bushel.
K.C and MGEX futures extended a recovery from contract lows reached on Monday.
European wheat futures tracked gains at the CBOT, but large supplies in exporting countries continued to dampen sentiment, traders said.
Meanwhile, spot basis bids for hard red winter (HRW) wheat were mostly steady in the southern U.S. Plains on Tuesday while some locations rolled their bids to the K.C. May HRW wheat futures contract.
Protein premiums for HRW wheat shipped by rail to or through Kansas City were unchanged.
Unusually warm and windy conditions dominated the southern Plains on Tuesday, potentially stressing winter wheat, while much colder temperatures were forecast for Wednesday.
Crop ratings for Plains wheat generally improved over the last month, according to monthly state crop ratings released late on Monday by the U.S. Department of Agriculture (USDA). The government rated 57% of the winter wheat in top producer Kansas in good to excellent condition as of Feb. 25, up from 54% at the end of January.
The USDA rated 70% of the Oklahoma crop as good to excellent, up from 63% a month ago. Ratings improved in South Dakota and Montana as well. But wheat ratings declined compared to last month in Colorado and Nebraska.
(By Commoditiescontrol Bureau: 09820130172)
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