Wheat Futures Higher on Weather Concerns: both dry and wet

U.S. wheat futures finished higher at the exchanges, as they bounced back after the recent sell-offs, according to traders.

Contrary to the concerns over the wet acreage affecting planting of corn, wheat is having the opposite problem, as dry weather in key areas may end in the abandonment of wheat acreage in a number of places.

There were also concerns about some excess precipitation in soft winter wheat areas that could hinder planting.

For the Kansas City Board of Trade, May wheat increased by 36 cents to $9.86 a bushel, while the Minneapolis Grain Exchange May wheat increased by its allowable limit of 60 cents, to finish at $12.15. May wheat for the Chicago Board of Trade jumped by 41 1/2 cent to finish a $9.36 1/2.

Wheat inventory expectations and a possible large global planting had kept prices down for awhile.