Wheat futures on the Chicago Board of Trade rose on Friday for a third straight session, buoyed by short-covering and concerns about dry weather building in the US Plains hard wheat belt, traders said. Some traders also cited worries about storms next week that may cause localised flooding in Arkansas and Mississippi, in the southern reaches of the soft red winter wheat belt.
Broad strength in commodity markets lent support as robust US jobs growth bolstered confidence in the global economy. For the week, CBOT May wheat rose 8-1/2 cents or 1.9 percent, the biggest weekly increase since October. K.C. May wheat rose 14-1/2 cents or 3.2 percent for the week and MGEX May spring wheat rose 7-3/4 cents or 1.6 percent. Analysts expect the USDA in its monthly supply/demand report on March 9 to raise its forecast of US 2015/16 wheat ending stocks.
The CBOT reported 275 March soft red wheat deliveries and no deliveries of K.C. hard red wheat. The MGEX reported 100 March spring wheat deliveries, all stopped by the CHS house account. Egypt's agriculture ministry said it would continue to send experts to inspect government wheat purchases at ports of origin. Sources had told Reuters that the agricultural quarantine authority was considering halting inspections abroad.
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