Mumbai, 10 Feb (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures rebounded on Friday on bargain buying and short covering ahead of the weekend after falling to a three-week low in the prior session, traders said.
A softening dollar , which tends to make U.S. grains more attractive globally, was also supportive, traders said.
But adequate global wheat stocks and strong export competition from low-priced Russian supplies continued to hang over the market.
CBOT March soft red winter wheat settled 8-1/4 cents higher at $5.96-3/4 per bushel. The contract hit overhead technical resistance at its 100-day moving average and settled near its 20-day average.
CBOT March wheat was down 0.2% in the week, its fifth weekly drop in six weeks.
March hard red winter wheat ended up 1/2 cent at $6.01-1/2 a bushel and MGEX March spring wheat settled 1/2 cent higher at $6.84-1/4 a bushel.
Several deferred-month contracts in all three wheat futures markets posted life-of-contract lows on Friday.
(By Commoditiescontrol Bureau: 09820130172)
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