Chicago Board of Trade wheat futures closed higher on Friday on expectations of rising global cash prices, traders said. CBOT December soft red winter wheat settled up 6-3/4 cents at $5.32-1/4 per bushel after reaching $5.32-3/4, its highest since July 15.
For the week, the contract rose 24-1/4 cents a bushel or 4.8%, its seventh straight weekly advance. CBOT wheat gained against K.C. hard red winter and Minneapolis Grain Exchange spring wheat futures on inter-market spreading.
K.C. December hard red winter wheat closed Friday up 2-1/2 cents at $4.33-3/4 while MGEX December spring wheat fell 7-1/2 cents to settle at $5.44-1/2. MGEX spring wheat pressured in part by forecasts for improving harvest weather in Canada's wheat belt.
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