US wheat futures edged higher in thin trading on Friday, helped by a rally in crude oil, traders said. Light volumes made for volatile trading. Wheat futures fluctuated between positive and negative territory throughout the day. Strength in the US dollar, which was making wheat more expensive to overseas buyers, limited gains. Some profit taking also pressured the wheat market.
Chicago Board of Trade wheat futures rose 19.8 percent during December and the market was in technically overbought territory. CBOT wheat for March delivery closed up 1/4 cent at $6.11 a bushel, May was up 1/4 cent at $6.23-3/4. Funds bought 500 lots. Kansas City Board of Trade hard red winter wheat for March delivery settled up 3-1/2 cents at $6.33-1/2 a bushel.
The May contract was 3-3/4 cents higher at $6.45 a bushel. Kansas City wheat futures were helped by strong export sales. USDA said 418,200 tonnes of wheat (old-crop) sold for export last week, above estimates for 100,000 to 200,000 tonnes. Minneapolis Grain Exchange spring wheat for March delivery settled 1/2 cent higher at $6.55-1/4 a bushel.
The May contract was up 2 cents at $6.60-1/4 a bushel. In Kansas City, volume was pegged at 8,354 futures traded and Minneapolis volume was 3,280 contracts. No cold weather threat seen for US Plains HRW wheat crop over the next 7 days.