CHICAGO: Chicago Board of Trade wheat futures closed higher on Friday, rebounding from lows earlier in the week not seen since July 2021.

CBOT May soft red winter wheat settled up 26-1/2 cents at $6.88-1/2 per bushel, with the most-active contract rebounding from $6.54 earlier in the week, its lowest since July 2021.

K.C. May hard red winter wheat closed up 28-1/4 cents at $8.48 a bushel, and MGEX May spring wheat last traded up 16-1/4 cents at $8.57-1/2 at the close.

A US planting intentions survey conducted by Farm Futures magazine indicated all-wheat seedings for 2023 are seen at 45.744 million acres, nearly unchanged from the 45.738 million acres seeded in 2022.

Grain trade association Coceral increased its forecast of this year’s soft wheat production in the European Union and Britain to 144.5 million tonnes from 143.3 million estimated in December.

A report in Russian business newspaper Vedomosti saying that Moscow could recommend a temporary halt in wheat and sunflower exports, in response to falling prices, helped the market to steady.

But Russia has no plans to halt wheat exports but wants exporters to ensure prices paid to farmers are high enough to cover average production costs, two sources familiar with the matter told Reuters.

Most Ukrainian regions have started 2023 spring sowing, seeding a total of 293,000 hectares of various crops. An agriculture ministry statement said that farmers in 18 regions had sown 76,100 hectares of spring wheat.

CBOT corn closes higher

Chicago Board of Trade corn futures closed higher on Friday, recovering from lows clocked earlier in March.

CBOT May corn settled up 11-1/4 cents at $6.43 per bushel, with the most-active contract closing higher for the second week in a row. China purchased another 204,000 tonnes of US corn, bringing the total to more than 2.75 million tonnes since March 14. It was China’s eighth confirmed purchase in the past nine business days.

A US planting intentions survey conducted by Farm Futures magazine indicated that growers expect to plant 87.677 million acres of corn in 2023, down 1% from the 88.579 million acres seeded a year ago.

CBOT soybeans futures up

Chicago Board of Trade soybean futures closed higher on Friday, riding the coattails of wheat and corn to reverse a week of lows.

CBOT May soybeans settled up 8-3/4 cents at $14.28-1/4 per bushel, rebounding after the most-active contract fell to $14.05 in the week, the lowest since Nov. 4.