CBOT wheat strengthens on short covering
CHICAGO, Aug 20 (Reuters) - Chicago Board of Trade wheat futures recovered on a bout of short covering after hitting lifetime lows as futures bounced off technical resistance levels.
Wheat prices remain near a five-year low, pressured by ample global supply amid rising expectations for Russia's 2025 wheat crop.
Hopes of progress toward ending the war in Ukraine, following meetings hosted by U.S. President Donald Trump, have also weighed on prices, though the path forward in negotiations remained uncertain.
Grain consultancy Sovecon said on Wednesday it had raised its forecast for Russia's 2025 wheat crop to 85.4 million metric tons (mmt), up from a previous estimate of 85.2 million tons, citing improved prospects in Siberia and the Urals.
CBOT December soft red winter wheat WZ25 settled 7 cents higher at $5.28-1/4 per bushel.
K.C. December hard red winter wheat KWZ25 last traded 1-1/2 cents higher at $5.23-1/4 a bushel.
Minneapolis September spring wheat MWEU25 settled 1/4 cent higher at $5.89 a bushel.
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