Chicago Board of Trade wheat futures closed lower on Friday on profit-taking but still posted a weekly advance of nearly 4 percent tied to stressful weather in the northern US Plains spring wheat belt, traders said. CBOT July wheat settled down 3-1/2 cents at $4.45-3/4 per bushel. For the week, the contract rose 16-1/4 cents a bushel or 3.8 percent.
K.C. July hard red winter wheat ended down 2-1/4 cents at $4.51-1/2 a bushel while MGEX July spring wheat rose 2-1/4 cents to end at $6.06-1/2, staying below contract highs set this week. Forecasts called for much-needed rain in portions of the northern Plains spring wheat belt through early next week, but temperatures in South Dakota should top 90 degrees Fahrenheit (32 Celsius).
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