CBOT wheat ends mostly higher, consolidating after multi-month lows
CHICAGO, June 9 (Reuters) - Chicago Board of Trade wheat futures closed mostly higher on Tuesday, consolidating after a drop to multi-month lows this week while a softer dollar lent support, traders said.
CBOT July soft red winter wheat WN26 settled up 2 cents at $5.85-1/4 per bushel, its second daily advance after a six-session slide.
K.C. July hard red winter wheat KWN26 ended up 1 cent at $6.30-3/4 a bushel while Minneapolis July spring wheat MWEN26 fell 2 cents to close at $6.17-1/2 a bushel.
A drop in weekly U.S. winter wheat ratings lent support to the CBOT and K.C. winter wheat markets.
The U.S. Department of Agriculture on Monday rated 25% of the winter wheat crop as good to excellent, down 1 percentage point from last week and the lowest for this time of year in USDA records dating to 1986.
Ratings fell in Kansas and Oklahoma, where harvesting is under way. "Sharply lower ratings in Oklahoma during active harvest suggest that yields are below already-low expectations," StoneX chief commodities economist Arlan Suderman wrote in a client note.
However, U.S. spring wheat ratings improved, with the USDA rating 52% of the crop as good to excellent, up from 47% the prior week.
Traders awaited direction from a monthly supply and demand report due from the USDA on Thursday, including updated estimates of U.S. winter wheat production.
