Wheat futures on the Chicago Board of Trade fell Friday in a light technical setback from Thursday's 7 percent short-covering rally, but still ended higher for the week, traders said. Additional pressure stemmed from news that Russia lifted its wheat export duty as of Friday. Open interest in CBOT wheat fell by nearly 8,000 contracts on Thursday as the market soared, indicating investors were liquidating short positions.
K.C. hard red winter wheat settled mixed on Friday while MGEX spring wheat followed CBOT wheat lower. K.C. market underpinned by concerns about excessive rains in the southern Plains winter wheat belt that may foster the spread of yield-robbing diseases such as stripe rust.
Temperatures are expected to fall near freezing early next week in the northern US Plains, but spring wheat is not at risk of damage, meteorologists said. For the week, CBOT July wheat rise 29-1/2 cents per bushel or 6.1 percent. KC July rose 33-1/4 cents or 6.5 percent. MGEX July spring wheat rose 31-3/4 cents or 5.9 percent.