CBOT wheat rallies, following soy and crude oil, but ends week lower
CHICAGO, June 13 (Reuters) - Chicago Board of Trade wheat futures rose more than 3% on Friday, following strength in soybeans and crude oil that appeared to spur a round of short-covering, traders said.
CBOT July soft red winter wheat WN25 settled up 17-1/4 cents at $5.43-3/4 per bushel, rebounding after a dip in early moves to $5.22-1/4, the contract's lowest since mid-May.
However, for the week, the CBOT July WN25 ended down 11 cents a bushel, or 2%, amid seasonal pressure from the start of the Northern Hemisphere winter wheat harvest.
K.C. July hard red winter wheat KWN25 ended Friday up 18 cents at $5.40-3/4 a bushel and Minneapolis July spring wheat MWEN25 rose 13-1/4 cents to finish at $6.33-3/4 a bushel.
Commodity funds hold a sizable net short position in CBOT wheat futures, leaving the market vulnerable to short-covering bounces.
Euronext wheat 0#/BL2: climbed as news of Israeli strikes on Iran encouraged investors to cover short positions after prices hit contract lows this week amid growing supply pressure.
Ratings for French soft wheat improved slightly in the week to June 9. The share of soft wheat rated good or excellent rose to 70%, up from 69% a week earlier, after declining in the past month due to dry conditions, data from farm office FranceAgriMer showed.
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