Wheat futures on the Chicago Board of Trade were mostly firm on Friday on follow-through buying after gaining about 2 percent the previous day, supported by a government forecast for the smallest US wheat plantings in 46 years, traders said. The chance for rain in the extended weather outlook for dry areas of the southern US Plains wheat belt and ample global wheat supplies capped gains.
CBOT May wheat settled up 2-1/4 cents at $4.75-3/4 a bushel, ending the week up 2.8 percent. It was the contract's strongest weekly gain in three weeks. May wheat held support at its 50-day moving average but remained below its 100-day moving average. K.C. hard red winter wheat also closed higher on the day while MGEX spring wheat futures ended narrowly mixed. Both markets were up in the week. The International Grains Council on Friday forecast world wheat production would fall to 713 million tonnes from an estimated 734 million in 2015-16. French soft wheat crop ratings remained at a five-year high in the latest report from farm office FranceAgriMer, with 92 percent of the crop rated good to excellent.
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