Chicago Board of Trade wheat futures closed higher on Friday for a third straight session on bargain buying after the September contract hit a six-week low early in the week, traders said. K.C. hard red winter and MGEX spring wheat futures also ended higher after falling to five-year lows this week.
Additional support came as the dollar reversed early gains to turn negative and fall 0.2 percent against a basket of leading currencies, making US grains more attractive on the world market.
Rally limited by plentiful world wheat supplies. Also bearish, analysts expect USDA in its August 12 reports to raise its forecast of US 2015/16 wheat production and ending stocks.
For the week, CBOT September wheat rose 11-1/4 cents per bushel, or 2.3 percent, halting a four-week slide. K.C. September wheat rose 3/4 cent for the week and MGEX September spring wheat rose 1-1/2 cents.
India will impose an import duty of 10 percent on wheat effective until March 31 next year, the country's finance minister told parliament.
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