Conjecture about increased demand for U.S.-grown wheat helped push the value of wheat futures toward their longest rally in nearly 11 months, according to Bloomberg.
The price of wheat had fallen 22 percent this year through Thrusday in response to production gaining 5.7 percent to reach 688.97 million tons of the grain, according to data from the U.S. Department of Agriculture. Nigeria is to receive 120,000 metric tons of winter wheat shipped by U.S. exporters by the end of May.
"Sales may start to increase," president Don Roose with U.S. Commodities in Iowa told the news service. "Rallies will be anchored by large world supplies."
At 2:15 p.m. on Friday, wheat futures gained 0.37 percent, a 2.5 cent lift to $6.75 per bushel.
The grain is driving toward its sixth consecutive bullish trading session, which would represent the longest winning streak since the end of this past January.
Shifting east, prices of wheat in Europe advanced to their highest value in 10 weeks amid worries about inclement weather in Latin American markets as the European market built on gains achieved by the U.S. market, according to Reuters.
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