Chicago Board of Trade wheat futures rose more than 2 percent on Friday, lifted by a weaker dollar and worries about excessive rains threatening maturing crops in the US Plains and Midwest, analysts said. CBOT July wheat settled up 9-1/2 cents at $4.35-1/4 per bushel after reaching $4.36-3/4, its highest since May 12. For the week, the contract rose 2-1/2 cents or 0.6 percent.
K.C. July hard red winter wheat closed up 12 cents Friday at $4.38 after notching a one-week top at $4.39. MGEX spring wheat ended up 11 cents at $5.55-3/4 after reaching a two-week high at $5.56. MGEX spring wheat drew support from ideas that quality issues in the hard red winter wheat harvest could boost demand for spring wheat. The dollar index was poised for its worst week in more than a year. A weaker dollar tends to make US grains more attractive on the world market. The condition of French soft wheat declined slightly last week, with 75 percent of crops rated good or excellent as of May 15, down from 76 percent a week earlier, farm office FranceAgriMer said.