CBOT wheat gains on drought concerns

CHICAGO, March 25 (Reuters) - Chicago Board of Trade wheat futures moved higher on Wednesday on concern over drought and in the U.S. Plains, though ample global supply has provided a ceiling for prices.

• Hybrid wheat is becoming more widely available and genetically modified varieties could launch in the U.S. within a few years.

• Roughly 55% of the U.S. winter wheat crop is affected by drought, according to the U.S. Drought Monitor.

• CBOT May soft red winter wheat WK26 settled 7-3/4 cents higher at $5.97-3/4 a bushel.

• K.C. May hard red winter wheat KWK26 gained 13-3/4 cents to close at $6.17-3/4 a bushel.

• Minneapolis May spring wheat MWEK26 settled 9-1/2 cents higher at $6.40-3/4 a bushel.