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U.S. wheat futures rise on short-covering, bargain buying

CHICAGO, Aug 22 (Reuters) - U.S. wheat futures rose on Monday, with short-covering and bargain buying in focus after the most-active Chicago Board of Trade soft red winter wheat contract sank to its lowest level since February last week. * The U.S. Agriculture Department on Monday said export inspections of wheat totaled 594,273 tonnes in the week ended Aug. 18. That was in line with trade forecasts of 250,000 to 650,000 tonnes. * CBOT December soft red winter wheat futures settled 17-1/4 cents higher at $7.88-1/4 a bushel. * K.C. hard red winter wheat for December delivery was up 17-3/4 cents at $8.64-3/4 a bushel and MGEX December spring wheat gained 10-3/4 cents to $8.97-3/4 a bushel. * Grain traders union UGA on Monday cut Ukraine's 2022 combined grain and oilseeds crop forecast to 64.5 million tonnes from the previous outlook of 69.4 million due to a smaller-than-expected harvested area caused by the Russian invasion. (Reporting by Mark Weinraub; Editing by Mark Porter)

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