CHICAGO: Chicago Board of Trade wheat futures closed modestly higher on Friday in largely technical trade as traders squared positions at month's end and awaited fresh direction, traders said. CBOT September soft red winter wheat settled up 1-3/4 cents at $5.31-1/2 per bushel.
For the month, the contract rose 39-1/2 cents a bushel or 8%. K.C. September hard red winter wheat ended up 2-1/2 cents on Friday at $4.42-1/2 a bushel and MGEX September spring wheat rose 1 cent to finish at $5.14.
The US winter wheat harvest is winding down while the spring wheat harvest is just starting in the northern US Plains. The Brazilian wheat crop has the potential to surpass 7 million tonnes this year and reach a record, provided the weather remains favorable throughout the cycle that has just begun, according to analysts.
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