Chicago Board of Trade (CBOT) wheat futures jumped on Friday on technical buying and short covering, following recent declines, traders said. CBOT September soft red winter wheat ended up 15 cents at $4.90-3/4 per bushel. The gains were a turnaround after the contract fell to its latest price since May 17 on Thursday.
K.C. September hard red winter wheat rose 6 cents to $4.21-3/4 a bushel, and MGEX September spring wheat gained 3-3/4 cents to $5.22-1/4. There was little fresh fundamental news to support the rise in prices, traders said. But the futures markets were due to bounce and were supported by technical buying, they said.