CHICAGO: Chicago Board of Trade (CBOT) wheat futures rose for a third time in four sessions on Friday on technical buying and as a weak US dollar and rising wheat prices in rival exporting countries boosted US export prospects, traders said.
* CBOT March soft red winter wheat settled up 5-3/4 cents at $5.19-1/2 per bushel. The contract held chart support at its 10-day moving average and broke through chart resistance at its 20-, 30-, 40- and 50-day moving averages.
* Benchmark March wheat rose 0.5 percent in the week, its second straight weekly advance.
* K.C. March hard red winter wheat ended up 5-3/4 cents at $5.04-1/2 a bushel while MGEX March spring wheat rose 6 cents to $5.70 a bushel.
* Expectations that thinning supplies in Russia would raise export opportunities for US wheat supported prices.
* The US dollar notched a three-month low against a basket of currencies this week. A weaker greenback makes dollar-denominated commodities more attractive for those holding other currencies.
* Traders are watching for any wheat demand from China following promises by Beijing to purchase "a significant amount" of US agricultural goods and other products.
* The US Department of Agriculture would have normally published a fresh crop forecast on Friday but updates have been postponed indefinitely due to the government shutdown.
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