Chicago Board of Trade wheat futures edged higher on Friday supported by gains in higher-protein K.C. hard red winter wheat contracts. Traders said there was talk of rising overseas demand for higher protein offerings needed to blend with the soft wheat stocks. Technical resistance limited gains. CBOT wheat for May delivery failed to hold support above its 100-day moving average.
Traders also said that the market felt toppy after rising from the six-week low hit earlier this week. The most-actively traded Chicago Board of Trade soft red winter wheat contract fell 0.9 percent this week. K.C. hard red winter wheat futures were off 0.4 percent this week and MGEX spring wheat up 2.0 percent.
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