Wheat futures on the Chicago Board of Trade closed higher on Friday on light bargain buying as the market consolidated above contract lows set this week, traders said. Gains capped by rising global wheat supplies and strong export competition from Black Sea suppliers. K.C. hard red winter wheat and MGEX spring wheat futures also closed higher, following the technical buying in Chicago.
For the week, CBOT September wheat rose 5-3/4 cents per bushel, or 1.1 percent. K.C. September hard red winter wheat fell 2-1/2 cents or 0.4 percent. MGEX September spring wheat also fell 2-1/2 cents or 0.4 percent. The 2014 US hard red spring wheat crop was projected to yield 48.6 bushels per acre, scouts on an annual Wheat Quality Council tour said Thursday. It was the tour's highest forecast in at least 22 years.
The soft wheat harvest in France picked up last week, with 44 percent of the area harvested by July 21, up from 5 percent a week earlier - farm office FranceAgriMer. Wet weather has raised concerns about crop quality. Ukraine could lose 500,000-550,000 tonnes of grain, out of a projected 60 million tonne harvest, because of fighting in the country's east - Ukrainian Agriculture Minister. Friday was the last trading day for CBOT August options.