CORRECTED-CBOT wheat rallies to five-plus week high on no day-one Trump tariffs

Corrects sixth bullet, to change date of Trump's comment to Monday from Tuesday.

CHICAGO, Jan 21 (Reuters) - Chicago Board of Trade benchmark wheat futures Wv1 on Tuesday hit the highest prices seen in more than five weeks, following the rally in corn, after President Donald J. Trump did not immediately impose U.S. tariffs on imported goods at the start of his second term, traders said.

• CBOT's March soft red winter wheat futures WH25 settled up 20 cents at $5.58-3/4 a bushel. Earlier in the session, the most-active wheat contract on a continuous basis Wv1 touched the highest price seen since Dec. 12.

• K.C. March hard red winter wheat futures WKH25 settled up 27 cents at $5.75-1/2 a bushel.

• MGEX March spring wheat futures MWEH25 ended up 21 cents at $6.04-1/2 cents a bushel.

• The exchange's wheat futures market was closed on Monday, due to the Martin Luther King Jr. Day holiday in the U.S.

• On Tuesday, wheat futures followed the rally in CBOT corn Cv1 futures, traders said.

• On Monday, Trump said he was thinking about imposing 25% duties on imports from Canada and Mexico on Feb. 1 over illegal immigrants and fentanyl crossing into the U.S.

• A drop in the U.S. dollar .DXY lent support, making U.S. grains more attractive to those holding other currencies.

• Egypt’s state grain buyer, Mostakbal Misr, has made a significant purchase of Russian wheat, set for shipment this month, three sources familiar with the matter told Reuters.

• Russian export prices declined last week in the face of competitive offers from other global exporters.

(Reporting By P.J. Huffstutter in Chicago; Editing by Mohammed Safi Shamsi)

((pj.huffstutter@thomsonreuters.com; 313-484-5275 (w);))