CHICAGO: Wheat futures on the Chicago Board of Trade closed higher on Friday on short-covering amid oversold signals and firming US cash markets, traders said.
Cash bids for soft red winter wheat shipped to the US Gulf were firm on tight nearby supplies, with spot bids reaching a one-month peak at 105 cents over CBOT March futures.
CBOT March wheat stayed above the life-of-contract low established Tuesday at $5.50, which was also the lowest CBOT spot wheat price since July 2010.
Plentiful global wheat supplies continue to hang over the market.
Contract lows set in deferred MGEX spring wheat contracts.
Beneficial moisture predicted for US Plains and Midwest wheat belts. A series of storms is expected to bring significant snowfall to the Midwest and central Plains through next week, lending moisture and a protective layer of insulation from cold temperatures - meteorologist.
Wintry weather prompted Ukraine's national railway to restrict cargo deliveries to the Black Sea port of Odessa and Russia to halt grain exports from the port of Novorossiisk.
For the month of January, CBOT March wheat fell 49-1/2 cents per bushel or 8.2 percent, its fourth straight setback. KCBT March wheat fell 25 cents or 3.9 percent. MGEX March spring wheat fell 31-1/4 cents or 4.9 percent.
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