Chicago Board of Trade wheat futures closed mostly higher on Friday, with the lead December contract firming in a short-covering bounce after a three-session slide, traders said. CBOT December soft red winter wheat settled up 1-3/4 cents at $5.14-3/4 per bushel.
For the week, the contract fell 2-1/2 cents or 0.4 percent to post its second straight weekly decline. K.C. December hard red winter wheat ended up 1-1/2 cents on Friday at $5.16-1/4 a bushel and MGEX December spring wheat rose 3-3/4 cents at $5.88-3/4.
Commodity funds hold net short positions in CBOT wheat, leaving the market vulnerable to bouts of short-covering. Rains fell Friday in the southern US Plains hard red winter wheat belt, slowing planting of the 2019 crop but adding beneficial soil moisture.
Comments
Comments are closed.