U.S. wheat futures mixed; dry outlook supports HRW contracts

CHICAGO, Feb 7 (Reuters) - U.S. wheat futures were mixed on Tuesday, with forecasts for dry weather in key growing areas of the U.S. Plains underpinning K.C. hard red winter wheat contracts that track the crops grown there. * But the most-active Chicago Board of Trade soft red winter wheat contracts were weak and MGEX spring wheat futures were flat. * The benchmark CBOT March soft red winter wheat futures contract settled down 1/2 cent at $7.49-3/4 a bushel. * CBOT March soft red winter wheat, which traded in positive territory for much of the session, hit technical resistance at its five-day moving average before turning lower. * K.C. March hard red winter wheat futures were 10-1/2 cents higher at $8.86-1/2 a bushel. * MGEX March spring wheat were flat at $9.17-1/2 a bushel. * Jordan's state grain buyer is believed to have made no purchase in an international tender to buy 120,000 tonnes of milling wheat. * Algeria's state grains agency OAIC started buying milling wheat in an international tender. Initial purchases reported were around $329 a tonne cost and freight but the tonnage was unclear, traders said. * Canadian wheat stocks at the end of December stood at 22.294 million tonnes, up 32.6% from a year earlier. (Reporting by Mark Weinraub)

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