US wheat futures rose on Monday, led by K.C. hard red winter wheat, on technical buying and forecasts for continued dryness in the southern Plains crop belt that could curb yields, traders said. Chicago Board of Trade May wheat settled up 9-1/4 cents at $5.09-1/4 per bushel but stayed inside of Friday's trading range.
K.C. May HRW wheat ended up 11-3/4 cents at $5.45-1/2 a bushel, also staying inside Friday's range, and MGEX May spring wheat ended up 4 cents at $6.24-1/4. The US Department of Agriculture reported export inspections of US wheat in the latest week at 400,937 tonnes, just above a range of trade expectations for 200,000 to 400,000 tonnes.
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