CBOT wheat futures rise with Russian crop uncertainty
CHICAGO, July 1 (Reuters) -Chicago Board of Trade wheat futures Wv1 rose on Monday as uncertainty over the size of Russia's fraught wheat crop spurred traders to cover their short positions while cheap prices enticed bargain buying, traders said.
CBOT September soft red winter wheat WU24 settled up 16-3/4 cents at $5.90-1/4.
K.C. September hard red winter wheat KWU24 closed up 13-1/4 cents at $5.99-1/2 a bushel.
MGEX September spring wheat MWEU24 was last up 19-1/24 cents at $6.32-1/4.
Traders are seeking to reduce risk while waiting to see the extent of drought and frost damage to Russia's wheat crop, traders said.
The U.S. harvest is nearing its end in many states, adding support to futures.
An uptick in demand for U.S. wheat has also steadied the market.
Ukraine's grain exports in the 2023/24 July-June marketing season have risen to 50.8 million metric tons from 49.2 million a year earlier, according to the country's agriculture ministry.
Reporting by Heather Schlitz; editing by Jonathan Oatis
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