Chicago Board of Trade soft red winter wheat futures rose on Tuesday, snapping a four-session losing streak on short-covering and bargain buying. K.C. hard red winter wheat was unchanged following seven straight days of declines.
The CBOT July wheat futures contract rose through its 40-day and 50-day moving averages. Improving crop conditions kept the gains in check as the crop approaches maturity.
The US Department of Agriculture on Monday afternoon said that the US winter wheat crop was rated 36 percent good to excellent as of May 14, up 2 percentage points from a week earlier. Analysts had been expecting 34 percent, based on the average of estimates given in a Reuters poll.