(Commodity Online):US Wheat futures ended higher, with CBOT wheat settling at a one-week high. Speculative short covering ahead of the weekend and next week's key government crop reports encouraged traders to reduce risk exposure in the market, analysts say.
Spring wheat futures garnered additional support from concerns farmer may opt to plant Corn at the expense of wheat in the Northern Plains, analysts say.
Otherwise, US dollar weakness provided general strength in commodity markets. CBOT May Wheat ended up 8c at $6.54 1/4/bushel; May MGEX wheat finished up 10 1/4c to $8.17 1/4; and May KCBT wheat ended up 10 1/2c at $6.94 1/2.
US rice futures closed higher, supported by broad strength in commodities, with Crude Oil and wheat and Corn futures all up. CBOT May rice ends up 19 1/2c or 1.4% at $14.60 a hundredweight.