CBOT wheat futures hit August high on continued Russian frost
CHICAGO, May 13 (Reuters) -Chicago Board of Trade (CBOT) wheat finished higher on Monday, as frosts continued to impact wheat-producing regions in top-exporter Russia, market analysts said.
Most-active CBOT July wheat WN24 settled up 23-1/2 cents at $6.87 per bushel and hit its highest price since Aug. 14.
K.C. July hard red winter wheat KWN24 settled up 26-3/4 cents at $7.00 per bushel. MGEX July spring wheat MWEN24 last traded up 18-1/4 cents at $7.38-1/4 a bushel.
Russia's IKAR agricultural consultancy cut its forecasts for Russia's wheat crop to 86 million metric tons from 91 million tons previously, and for its wheat exports to 47 million metric tons from 50.5 million tons.
The price of 12.5% protein Russian wheat scheduled for free-on-board (FOB) delivery in June was $221 a metric ton, up from $216 a ton the previous week. The Sovecon agriculture consultancy pegged the same class of wheat at $223-227 a ton, up from $215 to $219 a ton FOB.
The U.S. Department of Agriculture reported export inspections of U.S. wheat in the latest week at 366,339 metric tons, in line with trade expectations for 275,000-500,000 tons
Ahead of the USDA’s weekly crop progress report due later on Monday, analysts surveyed by Reuters on average expected the government to report U.S. spring wheat planting progress at 63%, up from 47% a week ago.
USDA is expected to rate the nation's winter wheat crop as 51% good to excellent, up one percentage point.
Traders await results from the Wheat Quality Council's three-day Kansas crop tour, which begins scouting fields on Tuesday.
Reporting by Renee Hickman; Editing by Andrea Ricci
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