US wheat futures rise on hot, dry weather outlook

• The benchmark Chicago Board of Trade July soft red winter wheat contract gained 6-1/4 cents to $5.20-3/4 a bushel.
• The most active CBOT wheat contract gained 2.4%, the biggest jump since March 27.

CHICAGO: US wheat futures gained on Friday as hot, dry weather forecasts threaten winter wheat crops in parts of the US Great Plains.

The benchmark Chicago Board of Trade July soft red winter wheat contract gained 6-1/4 cents to $5.20-3/4 a bushel.

K.C. hard red winter wheat lifted 6-1/2 cents to $4.70-1/2, while MGEX spring wheat gained 5-3/4 cents to $5.25 a bushel.

For the week, the most active CBOT wheat contract gained 2.4%, the biggest jump since March 27.

For the month, the contract fell 0.7%.

Forecasts for a turn to hot and dry weather in parts of the Midwest and Plains next week fueled gains in winter wheat contracts.

Ukraine's grain exports have reached a record 54.1 million tonnes so far in the 2019/20 season that began last July, up 17.4% year on year, the Ministry for Development of Economy, Trade and Agriculture said on Friday. The exported volume included 20.2 million tonnes of wheat.

Asian grain buyers are ready to re-enter the wheat market after a pause of about two months caused by the coronavirus lockdowns, seeking wheat from Black Sea suppliers, two trade sources said.