US wheat futures closed higher on Friday as traders covered shorts despite bearish fundamentals that overhang the market. The Chicago Board of Trade December soft red winter wheat contract closed up 16 cents a bushel at $5.54-1/4, a gain of nearly 3 percent. Deferreds were up 13 to 15-3/4 cents.
The Kansas City Board of Trade December hard red winter wheat contract ended up 15-1/4 cents, or 2.6 percent, at $5.93-1/4 a bushel. Deferreds were up 14-1/2 to 17-1/4 cents. Minneapolis Grain Exchange spring wheat was 11-1/4 cents a bushel higher at $6.57-1/2, a gain of 1.7 percent. Deferreds were up 4-3/4 to 11-1/4 cents. Informa Economics projected US all-wheat plantings for 2009 harvest at 60.1 million acres, down from 63.0 million acres seeded for 2008. Funds bought 4,000 lots.
CBOT wheat volume an estimated at 87,491 futures and 18,357 options. KCBT wheat volume was estimated at 9,860 futures; MGE at 3,733 futures. USDA said 253,300 tonnes of wheat sold for export last week (248,300 for 2008/09), near the low end of a range of estimates for 250,000 to 350,000 tonnes.
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