Chicago Board of Trade wheat futures closed higher on Friday, buoyed by technical buying, a pickup in global wheat export business this week and a surge in corn futures, traders said.
CBOT March soft red winter wheat settled up 5-1/4 cents at $5.70-1/2 per bushel. For the week, the contract rose 6 cents, or 1.1%, its fifth advance in the last six weeks.
Technical strength lent support. "Wheat is a champ, making higher highs and higher lows," said Charlie Sernatinger, analyst with ED&F Man Capital.
K.C. March hard red winter wheat ended up 9-1/2 cents at $4.94-1/4 a bushel and MGEX March spring wheat rose 9-3/4 cents to settle at $5.60, with both markets gaining relative to CBOT wheat on inter-market spreads.
Soft wheat seedings in France, the European Union's biggest grain producer, fell by 10% versus 2019 to a 19-year low after heavy rain disrupted field work, according to a survey of French grain handling firms.
US markets including the CBOT will be closed on Monday in observance of the Martin Luther King Day federal holiday. Trade in CBOT grains for Tuesday resumes Monday at 7 p.m. (0100 GMT).
Comments
Comments are closed.