Wheat prices soared to a nearly 5-week high as U.S. dollar softened, with financial investors exited short positions, lifting futures prices above the psychologically significant $5 level. Prices for the grain recently have hovered near 5-year lows, prompting some investors to conclude the market is oversold,
analysts said. Persistent rainfall in S Plains also prompted short-covering among investors, by fueling concerns that excess moisture in key wheat-growing states could cause disease in some crops. "We are still pretty wet over the harvest areas of hard red winter and the southern soft red winter and remain that way into the weekend, with another shot of showers due early next week" July wheat advanced 32 3/4 cents, or 6.8%, to $5.14 1/4 a bushel.