Wheat futures on the Chicago Board of Trade climbed nearly 3 percent to one-month highs on Friday in a shortened session, buoyed by technical buying and export news, traders said. "Technically the market is strong. India's plantings are behind, and world demand is still strong," a CBOT trader said.
Bullish sentiment was running high after CBoT wheat settled limit-up on Wednesday. Wheat futures climbed the 30-cent limit again on Friday, but profit-taking emerged near the close to take prices off the day's peak. December wheat settled up 23 cents, or 2.8 percent, at $8.26-1/2 per bushel after reaching $8.33-1/2, a one-month top.
March ended up 19-1/2 cents at $8.45-1/2, and new-crop July was up 3-1/2 cents at $7.13-1/2 after setting a contract high at $7.22. Funds bought 4,000 wheat contracts, traders said. Volume was estimated by the CBoT at 65,743 futures and 6,786 options.
The market closed at noon CST (1800 GMT) following the US Thanksgiving holiday on Thursday. A lack of sellers contributed to the rally in wheat, traders said.
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