Wheat futures on the Chicago Board of Trade settled higher Tuesday on bargain-buying after a three-session decline and following strong advances in corn and soybeans, traders said. CBOT May wheat settled up 5 cents at $4.43-3/4 per bushel. K.C. May hard red winter wheat ended up 6-1/2 cents at $4.63-1/2 a bushel and MGEX May spring wheat finished up 2 cents at $5.50-1/4. Additional support for K.C. wheat stemmed from concern about dry weather in the southern US Plains wheat belt.
Winter wheat condition ratings deteriorated in Montana and declined slightly in top producer Kansas during February, but ratings improved in Oklahoma and Colorado, the USDA said on Monday. Egypt's state grain buyer GASC bought 535,000 tonnes of wheat in its international purchase tender, including 235,000 tonnes of Russian origin, 120,000 tonnes of Romanian, 120,000 tonnes of French and 60,000 of Ukrainian.
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