Mumbai, 6 Apr (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures rose to a one-month high on Friday on short covering and technical support, and as rising tensions in the Black Sea region fueled supply concerns.
The market was also underpinned by concerns about deteriorating wheat crop conditions in France and rumors of delays to Russian shipments.
CBOT May soft red winter wheat ended 11 cents higher at $5.67-1/4 a bushel. Buying accelerated as the benchmark contract climbed above a high posted last week and broke through chart resistance at its 50-day moving average.
CBOT May wheat gained 1.2% in the week, its third straight weekly advance.
Commodity funds hold a large net short position in CBOT wheat futures, leaving the market prone to bouts of short-covering.
K.C. May hard red winter wheat settled up 4-3/4 cents at $5.82-1/4 per bushel, while MGEX May spring wheat ended up 1-1/4 cents at $6.48 a bushel.
Traders are monitoring weather forecasts in the Plains after the USDA this week reported the winter crop was in the best shape in five years for early spring. Rain is expected in the southern Plains next week, forecasters said.
(By Commoditiescontrol Bureau: 09820130172)
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