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Hard red winter wheat futures on the Kansas City Board of Trade ended sharply higher on Tuesday, buoyed by reminders of short world wheat supplies, a drop in US wheat condition ratings, India's tender to import 1 million tonnes of wheat, and strength in spring wheat.
The benchmark July rose 5.3 percent to the 30-cent limit by midday but eased slightly in afternoon trading. July ended up 20-1/2 cents at $5.88-1/2 per bushel, while September settled up 18-1/4 cents at $5.98 and December closed 17-1/4 cents higher at $6.12-1/4.
Volume was estimated by the exchange at 20,422 contracts. The gains came amid a mix of bullish factors, including word from a food ministry source in India that bidding would open on July 4 for the import of 1 million tonnes of wheat. Shipments would be made between August and November. Strength in spring wheat futures amid milling demand for high-protein wheat supplies was also supportive to the market, traders said.
And while harvest progress through the Plains provided some pressure, the pace was still lagging average progress at this point, and quality and yield concerns persisted.
USDA's weekly crop progress report showed only 48 percent of the new US winter wheat crop rated in good-to-excellent condition, down from 50 percent a week earlier. The US spring wheat crop declined to 79 percent good to excellent, down from 85 percent a year earlier. Also supportive was a Statistics Canada report that Canadian farmers planted less wheat and barley and more canola than traders had expected.
Statscan said farmers planted 21.7 million acres of all types of wheat, well below average trade estimates of 23.4 million acres and less than the 23.8 million acres farmers said they intended to plant when surveyed in March.
Also of note, Associated British Foods Plc and US chemical company DuPont announced plans to build a new plant to produce ethanol from wheat. After the close, the KCBT said it raised the initial speculative margin to trade HRW wheat futures to $1,500, from $1,250, effective on Wednesday.

Copyright Reuters, 2007

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