CBOT wheat rises to three months high

Chicago Board of Trade wheat rose to a three-month high on Friday and posted its biggest weekly advance in two years, buoyed by fund buying and worries about a cold spell harming US crop prospects, traders said. K.C. hard red winter wheat and MGEX spring wheat also closed higher but trailed gains in Chicago.
For the week, spot CBOT wheat gained 46 cents a bushel or 8.9 percent, the biggest one-week gain since July 2012. K.C. December hard red winter wheat gained 36-1/4 cents or 6.4 percent. MGEX December spring wheat gained 43 cents or 7.9 percent. Temperatures in the US Midwest the forecast to remain below normal for the next 10 days, forecasters said, stalling growth of late-planted soft red winter wheat crops and likely halting further seeding. In the Plains wheat belt, forecasters predicted no significant threat of winterkill in the next two weeks following probable damage this week in a few scattered areas. Winter wheat crops in Ukraine and Russia also have struggled with poor weather ahead of winter dormancy.