Futures File: Wheat prices spring higher amid drought

Futures File: Wheat prices spring higher amid drought”

Chicago Board of Trade wheat futures rallied 2.6 percent on Friday to their highest in almost a year, with concerns about shortfalls in the US crop sparking a round of short-covering by investment funds, traders said.

Strength in wheat supportive but gains limited by forecasts for rains around the U.S. Soybean futures were hovering near unchanged after a firm open, pressured by end-of-week profit-taking.

K.C. hard red winter wheat rose 1.9 percent.

The most active wheat futures on the Chicago Board Of Trade rose 0.2 percent to $4.43-3/4 a bushel, having closed down 0.44 percent on Wednesday. The most-active contract peaked at $4.66-1/4 a bushel, its highest since June 27, 2016. Wheat hit a high of $4.58 a bushel - the highest since May 2.

Wheat edged down on Wednesday after showers fell through spring wheat growing areas in the northern U.S. Plains and the Canadian prairies, benefiting fields where drought conditions had been expanding. Both Chicago- and Kansas City-traded winter wheat futures closed on Friday at their highest points since June past year.

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The latest forecasts called for hot and dry weather throughout the summer in western Europe, Ukraine and China. Concerns about crop production in Black Sea region also seen as supportive.

July Soybean climbed 3 cents, or 0.32 percent, to 9.3475 bu.

CBOT July corn was last up 1-1/2 cents at $3.81 a bushel.

Soybean futures had erased gains after failing to break through their weekly high. Consolidation trade for benchmark CBOT July contract noted around 10-day moving average.

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