CBOT wheat rises on dry weather forecast for Russia

Mumbai, 4 May (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures ended firm on Friday, bouncing back up after rainy forecasts earlier in the week for southern Russia were rolled back, analysts said.

CBOT July wheat settled up 18-1/4 cents at $6.22-1/2 per bushel. K.C. July hard red winter wheat settled up 15-1/2 cents at $6.52 per bushel, while MGEX July spring wheat ended up 5-1/4 cents at $7.14-1/2 a bushel. For the week, CBOT July wheat rose 1/4 cents, eking out a second straight weekly advance.

Russia's IKAR agricultural consultancy cut its forecast for the country's wheat exports to 50.5 million metric tons from 52 million tons.

Wheat futures ticked up as weather forecasts showed the region getting virtually no rain in the coming two weeks, despite earlier wetter predictions.

A weaker dollar made U.S. exports more competitive, analysts said.

(By Commoditiescontrol Bureau: 09820130172)