US wheat futures rose on Friday, supported by concerns that dry weather in key growing areas of the world would lead to shortfalls of high-protein supplies of the grain, traders said. Gains accelerated as investment funds covered short positions when the market rallied. The benchmark Chicago Board of Trade July soft red winter wheat contract posted the biggest gains, soaring 2.6 percent and hitting its highest since June 27, 2016.
For the week, CBOT July soft red winter wheat futures rose 4.7 percent. K.C. July hard red winter wheat rose 4.5 percent and MGEX July spring wheat rose 5.9 percent.
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