Wheat futures on the Chicago Board of Trade closed higher on Friday on mostly technical buying as corn futures advanced and the US dollar eased, traders said.
CBOT March wheat settled up 4-3/4 cents at $4.28-1/4 per bushel. The advance was enough to offset a decline in the previous two sessions and preserve a slight weekly gain of 2-1/4 cents, or 0.5 percent.
K.C. March hard red winter wheat rose 3/4 cent on Friday to end at $4.43 a bushel while MGEX March spring wheat fell 8 cents at $5.68-1/2 as traders exited long Minneapolis/short K.C. inter-market wheat spreads.
CBOT wheat rallied from early declines despite disappointing export sales. The US Department of Agriculture reported weekly net sales of 242,500 tonnes of old-crop wheat, below trade expectations for 250,000-450,000 tonnes, and sales of 60,500 tonnes of new-crop wheat.
A setback in the dollar added support, in theory making US grains more attractive on the global marketplace.
Egypt's state grain buyer GASC said it bought 60,000 tonnes of Ukraine wheat in an international purchase tender. No US wheat was offered.
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