CBOT wheat futures firm ahead of USDA prospective planting, grain stocks reports
CHICAGO, March 30 (Reuters) - Chicago Board of Trade wheat futures turned higher on technical trading on Monday, with traders keeping an eye on dry conditions in the Plains and as rain forecast this week may not be as heavy as hoped for in certain wheat-growing areas, market analysts said.
Traders also spent the day adjusting their positions ahead of the U.S. Department of Agriculture quarterly grain stocks report, which is scheduled for release on Tuesday.
Grain and oilseed traders are also awaiting the release of the USDA's prospective U.S. plantings report on Tuesday. The Iran war is believed to have changed the planting intentions of U.S. farmers, resulting in fewer acres of corn and the lowest quantity of spring wheat planted since 1970, as rising fertilizer and fuel costs dim the profit outlook.
Separately, USDA reported that U.S. wheat export inspections for the week ended March 26 were at 364,219 bushels, at the low end of the range of trader expectations.
CBOT May soft red winter wheat WK26 settled up 2 cents at $6.07 per bushel.
Premiums for HRW wheat shipped by rail to or through Kansas City fell by 5 to 15 cents a bushel for wheat with 11% through 13% protein, while premiums for other grades were unchanged.
K.C. May hard red winter wheat KWK26 settled 6-1/2 cents lower to $6.26-1/4 per bushel.
Minneapolis May spring wheat MWEK26 settled 3-3/4 cents higher to $6.52 per bushel.
Russian wheat export prices remained stable last week, with no new obvious drivers for price movement, analysts said as they made further upward revisions to estimates for March exports.
