Chicago Board of Trade soft red winter wheat futures rose 1.6 percent to their highest since November 25 on Thursday as a falling dollar spurred a round of short-covering, traders said. K.C. hard red winter wheat and MGEX spring wheat rallied too, with the most-active K.C. contract peaking at its highest since November 22. Technical buying helped boost wheat futures. The benchmark CBOT March soft red winter wheat contract found support from overnight weakness at its 50-day moving average.
Traders said investors were staking out positions ahead of an expected fund rebalance next week that was likely to benefit wheat prices. CBOT March wheat broke through its 100-day moving average for the first time since June 22 during trading on Thursday.
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