Chicago Board of Trade wheat futures closed higher on Friday, rallying from early declines on spillover strength from corn and soybean futures, traders said. CBOT September soft red winter wheat settled up 1-1/2 cents at $5.23 per bushel. For the week, the September contract rose 8 cents per bushel or 1.6%, halting a three-week slide.
K.C. September hard red winter wheat on Friday ended up 5-3/4 cents at $4.67-1/4 a bushel and MGEX September spring wheat rose 1-1/2 cents at $5.42-3/4. Support for futures from Thursday's smaller-than-expected USDA global wheat stockpiles forecast helped offset pressure from the ongoing US winter wheat harvest.
The US Climate Prediction Center projected above-normal temperatures and below-normal precipitation in the central and southern US Plains late next week, which should help speed the harvest of hard red winter wheat. Tropical Storm Barry was projected to bring rains to the southern and eastern Midwest through Wednesday, potentially slowing the harvest of soft red winter wheat.
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