US wheat futures were mixed on Tuesday, with Chicago Board of Trade wheat losing ground to K.C. hard red winter (HRW) wheat on inter-market spreads. CBOT May wheat futures settled 3/4 of a cent lower at $4.27 per bushel. K.C. May HRW wheat settled up 2-3/4 cents at $4.21 a bushel while MGEX May spring wheat closed down 3-3/4 cents at $5.27-1/4.
Technical buying and short covering lifted K.C. wheat, prompting some farmers to curb cash grain sales in the hope of higher prices. The US Department of Agriculture late Monday rated 51 percent of the US winter wheat crop as good to excellent, down from 59 percent a year ago and 58 percent in the government's last weekly report in late November. However, USDA's state reports showed wheat ratings improved compared to last week in Kansas, Oklahoma, Texas and Colorado, following widespread rains.
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