CHICAGO: US wheat futures rose for the fourth day in a row on Friday as traders staked out bullish positions ahead of the weekend on concerns about supply disruptions due to violence in Ukraine and dry conditions in the US Plains.
K.C. hard red winter wheat futures, which track the crop grain in the Plains, notched the biggest gains on Friday, rising 2.1 percent and hitting the highest level since March 28.
CBOT front-month soft red winter wheat rose 1.4 percent this week and closed above the key $7 a bushel level. MGEX spring wheat gained 1.8 percent and K.C. hard red winter wheat rose 2.3 percent.
The International Grains Council lowered its global wheat production forecast for the 2014/15 crop year to 697 million tonnes, a 3 million tonne drop from its previous outlook, citing "less than ideal crop conditions" for winter wheat in the United States.
Ukraine said it had exported 8.205 million tonnes of wheat since the 2013/14 crop year began in July.
Animal feed makers in the Philippines tendered to buy 90,000 tonnes of feed wheat for shipment in July. The tender follows a Philippine purchase of 55,000 tonnes of feed wheat from India.
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