Hard red winter wheat futures on the Kansas City Board of Trade settled nearly 4 percent higher on Friday, with spillover strength from outside markets. The KCBT July wheat contract settled up 32-1/4 cents, or 3.9 percent, at $8.46-3/4 per bushel, while September ended up 28-1/2 cents at $8.56-1/4.
July climbed as high as $8.57 on the day, and September rose to $8.70. July settlement marks 5.5 percent gain over last week. Strength in crude, soy and corn values supportive to wheat.
Fund buying noted. Weaker dollar supportive. Detrimental wet weather in the US Midwest soft red winter wheat area remained supportive. Market keeping a close eye on beneficial rain forecast for parts of drought-hit Australia. Advancing harvest of new US HRW wheat crop and reports of higher-than-expected yields a limiting factor.