CBOT wheat turns higher on short-covering, crop concerns
CHICAGO, July 22 (Reuters) -Chicago Board of Trade wheat futures turned higher on Monday on short-covering and uncertainty about crop prospects in Europe and the Black Sea region, traders said.
MGEX spring wheat futures also was supportedby market concerns about hot weather in Canada's crop belt, traders said.
Wheat futures also firmed on U.S. weather concerns, as traders adjusted positions ahead of the U.S. Department of Agriculture's weekly crop progress report set to be released later on Monday, market analysts said.
USDA is expected to show the U.S. winter wheat harvest 81% complete, up from 71% last week, a Reuters poll of 13 analysts showed on Monday.
For spring wheat, grown in the northern Plains, analysts on average expect a rating of 76% good to excellent, down from the 77% the USDA showed last week.
CBOT September soft red winter wheat WU24 settled up 5-1/4 cents at $5.48 per bushel.
September K.C. hard red winter wheat KWU24 ended 1-3/4 cents higher at $5.71-3/4 per bushel and MGEX September spring wheat MWEU24 settled up 13 cents at $6.22-3/4 a bushel on Monday.
The USDA on Monday reported export inspections of U.S. wheat in the latest week at 237,965 metric tons, falling below trade expectations of 350,000 to 550,000 tons, according to trade analysts. USDA/I
Reporting by P.J. Huffstutter; Editing by Richard Chang
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