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Chicago Board of Trade wheat futures closed higher on Friday, following strength in soyabeans and corn after the United States and China announced a "Phase one" trade agreement that reduces some US tariffs in exchange for increased Chinese purchases of American farm goods.
China will import more US wheat, corn, and rice after the deal, China's vice agricultural minister said, but did not elaborate. CBOT March soft red winter wheat settled up 2-1/4 cents at $5.32-1/2 per bushel. For the week, the contract rose 8 cents a bushel, or 1.5%, rebounding from the previous week's 3% decline.