Wheat futures gained amid relatively quiet trade, partially bolstered by some traders unwinding bearish bets ahead of the weekend. On Tuesday next week, USDA is expected to release its monthly supply-and-demand estimate. Analysts said some traders don’t want to be caught holding short positions in case the report includes bullish surprises. Also supporting wheat prices were concerns that harsh weather, including dry weather earlier this year and possible later heavy rains, had damaged the crop. A crop tour of Kansas this week suggested that production could be lower than expected. Any kind of short covering, “ where traders unwind bearish bets, tending to push prices higher. July wheat added 8 3/4 cents, or 1.9% , at $4.81 1/2 bushel.
Corn futures, which were lower earlier in the session, were buoyed partly by a rise in crude-oil- prices that favor to more ethanol blend. Still, a rally in corn was capped in part by a slight rise in the dollar versus a basket of currencies. July corn was up 1 1/2 cents, or 0.4% , at $3.63.
Soybean futures finished higher, too. July soybeans were up 1 1/4 cents, or 0.1% m at $9.76 1/2 a bushel.
.1 % , at $4.65 3/4 a bushel. The more actively traded July contract lost 6 ½ cents, or 1.4% at $4.72 3/4 bushel.