Chicago Board of Trade (CBOT) wheat futures settled up 7-1/2 cents at $4.38-1/4 per bushel, or 1.9 percent, on Friday on short-covering and wet US weather as the US heads into a long holiday weekend, analysts said. July K.C. hard red winter wheat, which tracks the crop grown in the US Plains states, closed up 6-1/4 cents to $4.37-1/2, while MGEX spring wheat closed up 6-1/2 cents to $5.68-3/4.
Traders continued to monitor the impact of excessive rains in the US Plains and Midwest winter wheat areas, and await more harvest reports as combines roll in Texas and parts of Oklahoma. Australia's grain exports have shot to record volumes this year as bumper crops push down prices, but levels may fade towards year-end as rival shipments step up from the Black Sea region.