CBOT wheat touches contract lows before turning higher

CHICAGO, Sept 23 (Reuters) - Chicago Board of Trade wheat futures finished higher on Tuesday in a turnaround from contract lows reached earlier in the session.

• Short covering lifted futures after recent declines, traders said.

• Farmers were planting the U.S. winter wheat crop that will be harvested next year.

• Planting was 20% complete as of Sunday, behind the five-year average of 23%, according to U.S. Department of Agriculture data issued on Monday.

• In demand news, Algeria's state grains agency OAIC bought about 500,000 metric tons of milling wheat in an international tender, European traders said. They said the wheat would be sourced substantially from the Black Sea region.

• CBOT December soft red winter wheat WZ25 settled up 9-3/4 cents at $5.20-1/2 per bushel after falling earlier to a contract low of $5.07-1/4.

• Wheat markets had previously been under pressure from ample global supplies as well as Monday's news that Argentina would suspend export taxes.

• K.C. December hard red winter wheat KWZ25 ended 9-1/4 cents higher at $5.11-1/2 a bushel, and Minneapolis December spring wheat MWEZ25 was up 3-1/2 cents at $5.67-3/4 a bushel.