CHICAGO- Chicago Board of Trade (CBOT) wheat futures turned higher for a seventh trading day on Friday on a weather-driven surge that pushed the most-active contract to its biggest weekly gain since the start of the Russia-Ukraine war.
Soybean futures inched down, and corn stayed fairly flat as traders watched for US planting delays as heavy showers are forecast in the Midwest in the coming days.
Corn also drew support from stronger-than-expected weekly US export sales, though slower soybean exports underscored competition from Brazil, analysts said.
CBOT’s July wheat futures settled up 1-3/4 cents at $6.22-1/4 a bushel. Earlier in the session, that contract hit a high of $6.33-1/4 a bushel, the contract’s highest price since Jan. 11.
Dry weather in parts of southern Russia and the central US as well as freezing weather in parts of Europe continued to propel short covering, although weather forecasts showed greater chances of rain next week in both regions.
