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Spring wheat futures at the Minneapolis Grain Exchange closed higher on Friday, tracking a recovery in the Kansas City wheat market, traders said.
Strength in corn, soybeans and gold prices added to the bullish sentiment, along with a lack of sell paper in Minneapolis.
Kansas City Board of Trade wheat rallied from early declines on updated midday weather forecasts that removed some moisture from the US Plains, traders said.
Minneapolis May spring wheat settled up 10 cents at $4.17 per bushel, with July up 3-1/4 at $4.20-1/4.
Volume was estimated by the exchange at 6,111 contracts, down from 13,868 on Thursday.
UBS Warburg bought 400 July contracts and ADM Investor Services bought 200 May, 200 December and 100 September while selling 200 December and 200 July, traders said.
The May/July spread narrowed to a 7-cent carry, trading from 9 to 5 cents. May was supported by the absence of any first-day deliveries against the contract.
The Kansas City market remained the leader as the wheat trade focused on the fate of the drought-stressed hard red winter crop. Timely rains fell in parts of the HRW belt, and showers were seen continuing into the weekend.
However, midday Plains forecasts were a bit drier, and prices rallied as traders covered short positions.

Copyright Reuters, 2006

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