Wheat futures on the Chicago Board of Trade closed higher on Friday on bargain-buying, snapping a six-session slide that pushed most months to contract lows this week, traders said. The most-active March contract settled up 8-3/4 cents at $4.04-1/4 per bushel. However, for the week, the contract fell 15-1/4 cents per bushel or 3.6 percent, its biggest weekly decline since late August, a reflection of plentiful US and global wheat supplies.
K.C. March hard red winter wheat futures rose 5-3/4 cents on Friday to settled at $4.08-3/4 a bushel and MGEX March spring wheat ended up 1/4 cent at $5.38-3/4. CBOT December wheat deliveries totaled 591 contracts, with the Term house account stopping 112. The exchange also reported 410 deliveries of K.C. December wheat. The MGEX reported seven December spring wheat deliveries.
Kazakhstan raised its forecast for grain exports this season to 9.0 million tonnes, from 8.5 million previously, its deputy agriculture minister said. Ahead of Statistics Canada's final 2016-17 crop production estimates due on Tuesday, analysts on average expect the government to report Canadian all-wheat production at 30.7 million tonnes, the largest in three years.
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