Chicago Board of Trade wheat futures ending higher on Friday on short-covering and spillover strength from corn, while K.C. and Minneapolis Grain Exchange futures closed lower. Market anchored by ample domestic and global supplies of old-crop wheat, coupled with strong prospects for new-crop wheat developing in the Northern Hemisphere. CBOT July soft red winter wheat settled up 1 cent at $4.42-1/2 per bushel.
For the week, the contract fell 5-3/4 cents a bushel or 1.3%, its third consecutive weekly decline. K.C. July hard red winter wheat ended down 4 cents at $4.07-1/2 a bushel, while front-month May fell 4-1/2 cents to $3.99-3/4 after dipping to $3.98-3/4, the lowest spot price on a continuous chart since December 2017.
MGEX July spring wheat fell 2 cents to settle at $5.11-3/4; the May, July 2019 and May 2020 contracts set contract lows. Showers brought some relief to thirsty wheat crops in the European Union, but more rain will be needed in the coming weeks to avert a second successive year of drought damage, analysts said.
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