Spring wheat futures on the Minneapolis Grain Exchange closed mostly higher on Friday on commercial buying and bullish export data for US spring wheat, traders said.
"We've got a little commercial buying. That is what is helping us out," one trader said. Trade closed at noon CST (1800 GMT) following the US Thanksgiving Day market holiday on Thursday.
December options expired at 12:10 pm MGE December wheat closed at its high for the day, up 2 cents at $3.64 per bushel. Deferred months were up 3/4 to down 2-1/4 cents. Volume was estimated by the exchange at 4,164 contracts, down from 6,078 on Wednesday. Bullish export data helped Minneapolis gain ground against the other wheat markets.
The USDA's weekly export sales figure for wheat was seen as neutral at 454,600 tonnes. But sales of hard red spring wheat, the type traded in Minneapolis, made up more than 40 percent of the total, at 198,100 tonnes.
Slipover weakness from declines in outside markets, including Chicago wheat and soybeans, weighed on deferred months. Traders noted some pressure from global wheat reports.
The International Grains Council on Thursday raised its estimate for 2005/06-world wheat production to 610.7 million tonnes, up from a previous estimate of 609.3 million.
The IGC did not provide a forecast for 2006/07 but said winter wheat plantings in the Northern Hemisphere were forecast 2 percent lower than last year.
Also bearish were outlooks for some much-needed moisture in the US Plains.
Private forecaster Meteorlogix said rain and snow were likely to develop in the southern Plains hard red winter wheat belt on Sunday.