US wheat futures rose on Friday, led by a 1.7 percent rise in the nearby Chicago Board of Trade contract, following strong gains in the soybean and corn markets, traders said. Traders were covering short positions before the long US holiday weekend amid uncertainty over South American crop weather. Argentine corn and soy crops are stressed due to dryness.
US grain markets will be closed on Monday for Martin Luther King Day. Markets reopen with the electronic trading session on Monday night. Chicago Board of Trade soft red winter wheat for March delivery closed up 9-1/2 cents at $5.78-1/4 a bushel. May ended 9-1/4 cents higher at $5.90-3/4 a bushel.
Funds net bought 2,000 contracts in Chicago. The Kansas City Board of Trade March hard red winter wheat contract settled up 14-1/2 cents, or 2.4 percent, at $6.09 and the May ended up 14-1/2 cents at $6.20. Minneapolis Grain Exchange spring wheat for March delivery rose 11 cents to $6.53-1/2 a bushel. Volume was light at all three exchanges. CBOT estimated trade was 34,444 futures and 7,768 options. In Minneapolis, an estimated 3,109 futures traded while Kansas City volume was seen at 7,487 futures.