Chicago Board of Trade wheat futures closed mixed on Tuesday as traders squared positions ahead of a key government crop report scheduled for release on Friday, traders said. CBOT March soft red winter wheat was up 1-1/2 cents at $5.27-1/4 a bushel, closing above its 100-day moving average for a third straight session. Deferred contracts were all lower. K.C. March hard red winter wheat ended up 3/4 cent at $5.11-1/4 a bushel and MGEX March spring wheat added 1/4 cent to $5.75 a bushel.

Traders remained cautious ahead of a USDA report on Friday which will feature key supply and demand data that was delayed by the recent US government shutdown. USDA is also due to report US winter wheat acreage. The market was underpinned by signs of tightening Russian wheat supplies, which could make US wheat more attractive on the global market. Total wheat stocks in Canada were down slightly in December from a year earlier, according to a Statistics Canada farmer survey.

Copyright Reuters, 2019