CBOT wheat hits contract lows before recovering

May 13 (Reuters) - Chicago Board of Trade wheat futures sank to contract lows on Tuesday as a higher-than-expected forecast of U.S. stocks and a sharp improvement in U.S. crop conditions added to supply pressure, though futures recovered later in the session on short covering.

• All soft red wheat contracts hit lifetime lows on Tuesday as traders digested bearish U.S. Department of Agriculture reports.

• The USDA projected U.S. 2025-26 wheat ending stocks above analysts' estimates, contributing to a slight expected increase in global stocks.

• In a separate report issued after Monday's close, the USDA also estimated that the condition of U.S. winter wheat crops improved sharply last week.

• The USDA said the spring wheat crop was 66% planted, above average trade expectations of 62% and well ahead of the five-year average of 49%.

• Weather conditions in early May were mostly satisfactory for Ukrainian grain fields, but frost and drought in southern regions have damaged or killed some winter wheat, peas, rapeseed and barley crops, state weather forecasters said on Tuesday.

• CBOT July soft red winter wheat WN25 rose 2 cents to $5.17-1/4 per bushel.

• K.C. July hard red winter wheat KWN25 rose 3-3/4 cents to end at $5.11-3/4 per bushel.

• Minneapolis July spring wheat MWEN25 fell 3-1/4 cents to $5.80-3/4 a bushel.