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* Investment funds were unwinding the massive bearish bet they had placed on wheat as the US crop emerges from dormancy, which leaves it vulnerable to damage.
* CBOT May soft red winter wheat rallied to its session high ahead of the close before hitting resistance at its 20-day moving average.
* For the week, the most-active CBOT soft red winter wheat contract rose 4.7 percent. K.C. hard red winter wheat rose 2.6 percent and MGEX May spring wheat rose 1.1 percent.
* CBOT wheat had posted weekly losses for five weeks in a row. This week's gain was its biggest in percentage terms in eight months.