Hard red winter wheat futures on the Kansas City Board of Trade ended fractionally higher Tuesday in a partial recovery from Monday's slide, as the market found support in delayed spring wheat seedings. The KCBT May closed up 1/2 cent at $5.65 per bushel after ranging on the day from $5.6-1/4 to $5.73.
Liquidation of the May wheat contract was active ahead of first notice day on Thursday, traders said. The market remained skittish over concerns that spreading swine flu could seriously disrupt trade and depress consumption of meat and livestock feed. Bulls were watching spring wheat seedings progress in the northern US Plains, where continued delays could hinder new-crop production potential.
USDA on Monday said 15 percent of the crop had been planted, compared to the five-year average of 36 percent. Trade expectations were for 20 percent. Limiting gains was news of improving winter wheat conditions.
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