CBOT wheat ends higher on technical buying, US weather concerns
CHICAGO, March 13 (Reuters) - Chicago Board of Trade wheat futures rose for a third straight day on Friday on dry conditions in the U.S. Plains wheat belt, technical buying, and speculative buying tied to rising crude oil prices and war in the Middle East, traders said.
Rallying crude oil prices have triggered commodity investment flows into grains amid heightened global political and economic worries.
Wheat gained even though U.S. export prices were uncompetitive on the global market and as a stronger dollar .DXY made U.S. shipments costlier for buyers holding other currencies.
CBOT wheat contracts also drew support from a steep jump in the spot March WH25 contract, which expired on Friday, traders said.
Drought concerns in the U.S. Plains winter wheat belt supported futures, along with forecasts for colder temperatures that could harm some crops.
CBOT May soft red winter wheat WK26 ended 15-1/4 cents higher at $6.13-3/4 per bushel. Technical buying as the contract broke above the psychological $6 mark accelerated gains. The contract ended down 0.5% for the week.
K.C. May hard red winter wheat KWK26 last traded 15-1/2 cents higher at $6.29 per bushel.
Minneapolis May spring wheat MWEK26 settled 10-1/2 cents higher at $6.45-1/2 per bushel.
