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Hard red winter wheat futures on the Kansas City Board of Trade ended higher on Friday, closing out a choppy, two-sided session that saw wheat impacted by choppy outside markets and bearish fundamental factors. The KCBT December contract closed up 5 cents at $5.68, and March ended up 4-3/4 cents at $5.84-1/2. Back months were also higher.
December ranged from $5.60-1/2 to $5.70-1/4 on the day, and March ranged from $5.77 to $5.86-1/2. The market rose early, fuelled by gains in crude oil and in US equities. But weak fundamentals, including ample supplies and good new crop conditions, and as easing in equities and oil prices turned wheat lower by midday.
Positioning was noted ahead of Monday's November supply/demand reports from USDA. The average trade estimate for US wheat ending stocks was 586 million bushels, down from USDA's October estimate of 601 million. Argentina's wheat crop seen at 12 million tonnes, down 4 million from previous year - USDA attache'.
Egypt aims to buy at least half a million tonnes of wheat from France in 2008/09, after shunning French grain last year due to a lack of competitiveness. Indian wheat sowing rose 4.8 percent compared with a year ago, putting the country on track for bumper harvests.

Copyright Reuters, 2008

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