Chicago Board of Trade wheat futures settled down 1-1/4 cents to $4.50 per bushel on Friday after hitting a contract low on data showing larger-than-expected Canadian plantings. K.C. hard red winter wheat, which tracks the crop grown in the US Plains states, closed up 1-3/4 cents, while MGEX spring wheat fell 1-1/2 cents. Several K.C. hard red winter wheat contracts also hit all-time lows during the session.
A round of short-covering pulled down wheat prices from their troughs late in the trading day. Statistics Canada projected Canadian all-wheat plantings for 2017 harvest at 23.18 million acres, down from 23.21 million in 2016 but above a range of analyst expectations. Dry weather in top European grain producer France is raising concern over this year's grain crops, with experts and analysts saying rainfall is needed soon to avoid damage.
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