CBOT wheat ends firm on short-covering, Black Sea jitters
CHICAGO, June 5 (Reuters) - Chicago Board of Trade wheat futures closed modestly higher on Thursday on short-covering amid rising tensions between major grain suppliers Russia and Ukraine, traders said.
CBOT July soft red winter wheat WN25 settled up 2-1/4 cents at $5.45-1/2 per bushel.
K.C. July hard red winter wheat KWN25 ended up 2 cents at $5.42-1/2 a bushel. Minneapolis spring wheat futures closed mixed with the most-active July contract MWEN25 up 1-3/4 cents at $6.25-1/4.
Commodity funds hold a hefty net short position in CBOT wheat futures, leaving the market prone to bouts of short-covering.
Traders continue to monitor developments in the Black Sea region, where Ukraine has stepped up attacks on Russian targets. Russia will respond to Ukraine's latest attacks as and when its military sees fit, the Kremlin said on Thursday, escalating worries over grain supplies.
The U.S. Department of Agriculture reported export sales of U.S. new-crop wheat in the week ended May 29 at 444,900 metric tons, in line with trade expectations for 300,000 to 800,000 tons. EXP/WHE
Traders are starting to adjust positions ahead of the USDA's June 12 monthly supply/demand reports in which the government will update its estimates of U.S. 2025 winter wheat production.
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