Chicago Board of Trade (CBOT) wheat futures ended near unchanged on Friday as traders pocketed profits from an earlier advance fuelled by hopes for increased US exports, traders said. Concerns that potentially crop-damaging cold in US winter wheat producing areas also supported prices during the session. CBOT March soft red winter wheat settled unchanged at $5.17-3/4 per bushel and held chart support at its 50-day moving average. The contract was down 0.3 percent in the week, its first weekly drop in three weeks.
K.C. March hard red winter wheat ended up 2 cents at $5.06 a bushel while MGEX March spring wheat rose 2-1/4 cents to $5.74-1/4 a bushel. Prices were supported by expectations for improved US wheat exports amid tightening supplies in Russia and ongoing speculation that the world's top wheat supplier would curtail grain exports.
Traders are also watching for any wheat demand from China following promises by Beijing to purchase "a significant amount" of US agricultural goods and other products.