Chicago Board of Trade (CBOT) soft red winter wheat futures extended a technical bounce on Friday, amid growing international demand, concerns over grain quality in the northern US Plains, and worries about weather issues in Canada and Australia.
CBOT December soft red winter wheat ended up 3 cents at $4.87-1/4 per bushel. The December contract ended the week up about 0.62%. K.C. December hard red winter wheat closed 3/4-cent lower, at $4.07-1/2 a bushel, while MGEX December spring wheat ended Friday down 1-3/4 cents to $5.47 a bushel.
A weekend storm is poised to bring more than a foot (30.5 cm) of snow to parts of Montana and the Canadian prairies, putting portions of the region's spring wheat and canola crops at risk, a meteorologist said. Excessively wet conditions in the northern US Plains and Canadian Prairies have hurt the quality of the region's spring and durum wheat crops, potentially tightening supplies of top grades of the grains, handlers and agronomists said.
The US Department of Agriculture will release its quarterly grain stocks report on Monday. Analysts on average expect the USDA on Monday to report US September 1 wheat stocks at 2.318 billion bushels, down about 3% from a year earlier. Analysts surveyed by Reuters on average expect the USDA on Monday to trim its estimate of the US 2019/20 all-wheat harvest to 1.968 billion bushels, from 1.980 billion previously.