Chicago Board of Trade (CBOT) wheat futures rallied more than 4% on Friday in short-covering and technical buying amid concerns about rain-damaged winter crops and stalled spring wheat seeding due to rains. CBOT July soft red winter wheat settled 19-1/4 cents higher at $4.89-1/2 per bushel. Buying accelerated as the contract broke through chart resistance at its 100-day moving average.
For the week, July CBOT wheat gained 5.3%, a second straight weekly gain following five straight weekly declines. K.C. July hard red winter wheat ended up 16-3/4 cents at $4.42 a bushel, while MGEX July spring wheat ended up 13-3/4 cents at $5.48 a bushel.
Wet weather in the northern Plains is expected to continue to impede spring wheat planting.
Heavy rain across the southern Plains wheat belt could damage or drown some of the developing hard red winter wheat crop.
US markets will be closed on Monday for the Memorial Day holiday. Weekly US Department of Agriculture crop conditions and planting progress data is due for release on Tuesday.