Mumbai, 23 Mar (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures rose on Friday during a spate of short covering ahead of the weekend and amid rising tensions in the Black Sea grain export region, traders said.
CBOT May soft red winter wheat settled up 8 cents at $5.54-3/4 per bushel.
For the week, the CBOT May contract rose 26-1/4 cents per bushel or 5%, halting a three-week slide.
K.C. May hard red winter wheat settled up 8-3/4 cents on Friday to end at $5.90-1/2 a bushel and MGEX May spring wheat rose 4-1/2 cents to finish at $6.61.
European wheat futures rose on renewed concerns about disruption to Black Sea supplies given tensions between Russia and Ukraine, traders said.
Worries about the condition of the French wheat crop lent support. Some 66% of French soft wheat was rated as in good or excellent condition by March 18, steady with the previous week but down from 94% a year ago, farm office FranceAgriMer said.
Some analysts noted support from the European Commission proposing tariffs on grain imports from Russia and Belarus in an attempt to prevent Moscow and its ally from distorting EU markets.
Meanwhile, Russian farmers say they are considering reducing wheat acreage in favor of higher-margin crops like soybeans and peas as low global prices, rising input costs and continued export duties cut into profitability.
(By Commoditiescontrol Bureau: 09820130172)
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