Chicago Board of Trade (CBOT) wheat futures squeaked their way to a fourth weekly gain on Friday - even after closing the day down 1.27% - as lack of rain in Russia raised concerns over reduced yields in the world's top exporter of the grain. Support for wheat futures also came from fears of production losses in Australia, Ukraine and Canada caused by dry weather, traders said, while markets watched how the winter wheat crop in the southern US Plains and Midwest coped with recent wet weather.
Chicago Board of Trade (CBOT) July soft red winter wheat ended down 5-1/2 cents at $5.04-1/2 a bushel on profit taking. The contract closed the week up nearly 0.30%. K.C. July hard red winter wheat ended the day down 6-1/4 cents at $4.49 a bushel, while MGEX July spring wheat settled up 3-3/4 cents at $5.68-3/4 a bushel. Bilateral talks on migration resumed on Friday as Mexican officials continued their push for an agreement that would avert US tariffs set to take effect next week.
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