Chicago Board of Trade (CBOT) wheat futures closed higher on Friday on technical buying and worries that cold weather this weekend could threaten winter wheat in the US Plains, traders said. Most-active CBOT July wheat settled up 1 cent at $4.32-1/4 per bushel after reaching $4.34-1/2, its highest since April 20. K.C. July hard red winter wheat ended up 3-1/2 cents at $4.37-1/4 a bushel and MGEX July spring wheat rose 1-1/2 cents to $5.54-3/4.
A weekend storm is expected to bring as much as a foot (30.5 cm) of snow to parts of the US Plains winter wheat belt, followed by low temperatures that could threaten developing HRW wheat crops in Kansas. The CBOT reported 447 deliveries against the CBOT May wheat contract and 400 K.C. wheat deliveries, roughly in line with trade expectations. There were 230 deliveries of MGEX May spring wheat.
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