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332958

CBOT wheat futures end higher on short covering

CHICAGO, Aug 29 (Reuters) - U.S. wheat futures rallied on Monday on short covering and technical buying, traders said. * Chicago Board of Trade December soft red winter wheat futures contract settled up 37-1/2 cents at $8.42-3/4 a bushel. * The most-active contract reached its highest price since July 12, after falling last week to its lowest price since February. Corn futures also rose at the CBOT. * K.C. hard red winter wheat for December delivery advanced 30-1/4 cents to finish at $9.12-1/2 a bushel, and MGEX December spring wheat futures jumped 23-3/4 cents to end at $9.33-1/4 a bushel. * Analysts on average expect the U.S. Department of Agriculture, in a weekly report due out later on Monday, to rate 64% of the U.S. spring wheat crop as good to excellent, according to a Reuters poll of analysts. That would be unchanged from a week ago. * Analysts estimated the U.S. spring wheat harvest to be 52% complete, up from 33% by Aug. 21. * In Ukraine, a major wheat and corn supplier, agricultural exports could rise to 6 million to 6.5 million tonnes in October, double the volume seen in July, the country's agriculture minister said. * The Russia-focused Sovecon consultancy said it raised its forecast for Russia's wheat exports in the 2022/23 marketing season which started on July 1 by 200,000 tonnes to 43.1 million tonnes. (Reporting by Tom Polansek; Editing by Sandra Maler)

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