Wheat futures at the Chicago Board of Trade were higher at midmorning on Friday, rallying from early declines on updated weather forecasts that removed some moisture from the US Plains, traders said.
Traders also noted soaring gold and energy markets, and the potential for end-of-the-month fund buying. The wheat market was under pressure earlier in the day, tracking declines in the Kansas City market on expectations of timely showers in the Plains hard red winter wheat belt.
As of 11:55 am CDT (1655 GMT), CBOT May wheat was up 3 cents at $3.45-1/2 per bushel, with July up 3 at $3.58-3/4. July had resistance at its 200-day moving average of $3.59.
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