CBOT wheat rebounds after contract lows, tariffs still in spotlight

CHICAGO, March 5 (Reuters) - Chicago Board of Trade wheat futures closed higher on Wednesday after a seven-session skid, supported by bargain buying and hopes that U.S. tariffs against Canada and Mexico may be reduced, traders said.

• CBOT May soft red winter wheat WK25 settled up 11-1/2 cents at $5.48-1/4 per bushel, a day after hitting a life-of-contract low at $5.30.

• K.C. May hard red winter wheat KWK25 ended up 8-1/2 cents at $5.57 and Minneapolis May spring wheat MWEK25 rose 8 cents to finish at $5.88.

• U.S. President Donald Trump slapped 25% tariffs on imports from Mexico and Canada on Tuesday and doubled duties on Chinese goods to 20%, drawing immediate retaliatory steps from Canada and China and a pledge from Mexico to also respond.

• On Wednesday, the White House said Trump will exempt automakers from his tariffs on Canada and Mexico for one month as long as they comply with the terms of an existing free trade agreement, and said he is open to hearing about other products that should be exempted.

• Euronext wheat fell to another six-month low, pressured by a jump in the euro and uncertainty over fallout from U.S. tariffs.

• Ahead of the U.S. Department of Agriculture's weekly export sales report on Thursday, traders expect the government to report sales of U.S. old-crop wheat in the week ended February 27 at 225,000 to 450,000 metric tons.

• Russia's chief meteorologist said the country's winter crops had emerged in much better condition at the end of winter than at the start, but that a lack of precipitation may yet have an impact.