CBOT wheat futures rise as Russia cuts harvest, export forecasts

CHICAGO, July 22 (Reuters) - Chicago Board of Trade wheat futures firmed on Tuesday, despite expectations of plentiful global supplies, after Russia trimmed its crop harvest and export forecasts, market analysts said.

• Ukraine's production forecasts also are ticking lower, and traders are paying closer attention to how drought conditions in parts of Canada may be impacting its crop, said Karl Setzer, a partner at Michigan-based Consus Ag.

• CBOT September soft red winter wheat WU25 closed 7-1/4 cents higher at $5.49-1/2 per bushel.

• K.C. September hard red winter wheat KWU25 ended up 7-1/2 cents at $5.33-1/4 a bushel.

• Minneapolis September spring wheat MWEU25 finished up 5-1/4 cents, ending at $5.91-3/4 a bushel.

• Russia's Agriculture Minister Oksana Lut told a government meeting on Tuesday that the country's wheat harvest was now expected to be 88-90 million metric tons, versus the previous forecast of 90 million tons. Exports this season are now expected to be 43-44 million tons, down from a previous forecast of 45 million tons.

• Still, expectations of plentiful global supplies capped any price rally, traders said, as farmers in Russia began selling more wheat, the U.S. winter wheat harvest progressed, and weather for the spring wheat crop looked favorable.

• The U.S. winter wheat harvest is speeding along, with the U.S. Department of Agriculture reporting 73% of the crop has been harvested, compared to 63% harvested in the previous week.