US wheat futures rose on Monday due to traders covering short positions, while weakness in the dollar helped boost export demand, traders said. US Agriculture Department said 19.048 million bushels of wheat were inspected for export, topping forecasts for 13 million to 15 million bushels. Chicago Board of Trade soft red winter wheat for March delivery closed up 8 cents, a 1.4 percent gain, at $5.65 a bushel. CBOT May rose 8 cents to $5.78 a bushel.
At the Kansas City Board of Trade, March hard red winter wheat ended up 8-1/2 cents at $5.95 a bushel after rallying to $6.04, and May ended up 8-1/2 cents at $6.06 after climbing as high as $6.15. Minneapolis Grain Exchange spring wheat for March delivery settled 3-1/2 cents higher at $6.58-1/4 a bushel while the May contract rose 5-1/4 cents to $6.46-1/4 a bushel. Chicago volume was estimated at 85,385 futures and 13,698 options. In Kansas City, an estimated 15,509 futures traded. Minneapolis volume was seen at 3,229 futures.
Paris milling wheat was up 0.25 to 1.50 euros per tonne. Private forecaster raises Australia's 2008/09 wheat harvest forecast to 21 million tonnes from 20 million tonnes due to improving yields. Iraq buys 350,000 tonnes of hard wheat from Canada, Australia, Germany and Russia - trade.
Pakistan gets only one bid in US wheat tender for 250,000 tonnes that has been delayed three times. Russian wheat exporters paying more for domestic grain as demand rises, interest in government tenders low. Israel tenders for 40,000 tonnes feed wheat. Despite drought "emergency", China wheat crop OK. Some rain falls in China's drought-hit wheat belt. Near-normal March rain seen for parched China wheat. US Plains receive much-needed rains over the weekend. Large speculators narrow net short position in CBOT wheat - CFTC.
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