CBOT wheat futures close higher in rebound from contract lows

May 2 - Chicago Board of Trade wheat futures ended higher on Friday as the market bounced from recent contract lows, traders said.

• Weakness in the U.S. dollar helped support gains, they said.

• Traders are waiting for the U.S. Department of Agriculture to issue a weekly update on crop conditions for U.S. winter wheat and plantings of spring wheat on Monday.

• Rain and warm temperatures in the Plains in late May should favor growth for hard red winter wheat, forecasting firm Vaisala said.

• CBOT July soft red winter wheat WN25 closed 12 cents higher at $5.43 per bushel. The contract on Wednesday set a low of $5.23-1/4.

• K.C. July hard red winter wheat KWN25 ended up 13-3/4 cents at $5.41-1/4 per bushel after setting a contract low of $5.25 per bushel on Thursday.

• Minneapolis July spring wheat MWEN25 jumped 15-1/2 cents to $6.11 a bushel.